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| Know your super limit By Mrs Heather Gill, Acting Director Superannuation Edition 4908, 17 May, 2007 |
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In this instalment on superannuation changes, the focus is transitional arrangements for the changes to contributions for 2007-08 to 2011-12. A limit on concessional contributions of $50,000 per person per annum will apply from July 1 this year, taxed at 15 per cent. The $50,000 limit will increase in line with average weekly ordinary-time earnings, $5000 at a time. From now until the end of the 2011-12 financial year, the cap on concessional contributions will be $100,000 for those aged 50 and over. This transitional arrangement also applies to anyone who turns 50 before the end of 2011-12. From the 2012-13 financial year, the maximum concessional contribution a year will return to the indexed $50,000 amount. Non-concessional contributions will be limited to $150,000 a year from July 1. Until June 30, the cap on non-concessional contributions will be $1 million, an arrangement available to everyone eligible to contribute to superannuation, and will include any contributions already made during that period. For more information, visit www.simplersuper.treasury.gov.au or www.fido.gov.au |