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A second, less positive change, for the 2018 financial year (into the foreseeable future) was the reduction of the concessional and non-concessional contributions caps, as well as the removal of the age concession.
In 2017 the concessional contributions caps were higher, and depended on your age. The ATO have simplified this going forward, limiting everyone to a concessional contributions cap of $25,000.
Further to this, they have also reduced the non-concessional cap from $180,000 to $100,000.
If you are considering making contributions to your superannuation fund so as to claim a deduction, make sure you give us a call at BHR Papalia before you make the transfer. Super can be tricky and we want to ensure you have all your I's dotted and your T's crossed.
BHR Papalia are a WA firm of certified practising accountants with a passion for assisting their clients in achieving their goals.