The Federal Coalition government announced a number of major changes to super in its May 2016 budget. At the end of last November, the government passed legislation to implement these changes, which generally apply from 1 July 2017.
Current contribution limits will change significantly. Read the super changes in 2017 fact sheet to learn more.
As an incentive to help you save for your retirement, super enjoys concessional tax treatment. However, there are limits on the amount of contributions that can be made to your super each financial year that are taxed at concessional rates. If you contribute more than these limits you could potentially pay extra tax.
Different limits and tax consequences apply, depending on your age and whether the contributions made are:
You can find out the latest information about contribution limits at the ATO website’s Contributions caps page, or link directly to information about:
You can only make after-tax contributions to your APSS account if we have your tax file number (TFN). If you would like to provide the APSS with your TFN, just complete and return the Provide your Tax File Number form. You can also provide your TFN by calling SuperPhone on 1300 360 373.