I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Super concessional contributions: survival guide

Superannuation contributions come in two varieties non-concessional (after-tax) and concessional (before tax). Every variation of super contribution is subjected to a contributions cap. A contributions cap set limits on how many contributions an individual can make in a year. This section will talk about concessional contributions and the kind of super contributions that fall under it and the amount you can contribute in every financial year as a contributor.

What Can Be Classified As Concessional Contribution?

Concessional contributions or before-tax contributions cover any salary sacrificed contributions that are set with your employer to be deducted from your concessional contribution, additional employer contributions, and employer's compulsory contributions with Superannuation Guarantee.

Employers are expected to contribute 9.5% of the employee's average earnings for the Superannuation Guarantee contribution for the year 2015/2016. The SG rate in the year 2013/2014 was 9.25%, and 9% was the SG rate for the year 2012/2013.

If you are self-employed but only get a small part of your income from the employer which is the 10% rule, or you are unemployed, then you can have a concessional contribution that will serve as the tax deduction or your tax return.

Super contributions that are tax-deductible can be concessional contributions and are subjected to the same cap. You should lodge a notice of intent in claiming a tax deduction for your super fund.

What's the annual limit for before-tax contributions?

For the year 2015/2016, there are a couple of annual concessional contributions caps you should keep in mind when it comes to before-tax contribution strategies, and they include:

$30,000 cap for those who are 48 years old or below as of June 30, 2015.

$35,000 cap for contributors 49 years and above of age from June 30, 2015.

Superannuation Guarantee Contributions count with Cap

You must keep in mind the $30,000 concessional cap or $35,000 for contributors aged 49 years and above as of June 30, 2015, while thinking about a salary sacrifice strategy for the years 2015/2016.

Your employer's SG contributions are applicable for the cap, and this means that anybody making extra contributions to a salary sacrifice arrangement must see if they don't go beyond the concessional contributions for caps for the year 2015/2016.

If you're 65 years of age or above, you should pass a test to have super contributions. You can't have voluntary contributions after reaching 75 years of age.

If you have more questions about the over-75 rule, see www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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