The opportunity should be taken to contribute to maximum limits on your Superannuation before 30 June 2017.

Currently

Before 30 June 2017, and subject to meeting certain qualifying requirements you can:

• Make before-tax payments to your Superannuation of up to $30,000 if you are aged under 50, or up to $35,000 if you are aged 50 or over. This amount is taxed at 15%, although an additional 15% tax rate may also apply depending on your income level. This includes your employer super contributions.
• Make after-tax lump sum payments to your Superannuation of up to $180,000 per year, or up to $540,000 (using the 3 year bring-forward rule if you are under the age of 65).

From 1 July 2017

• Before-tax payments to your Superannuation will be capped at $25,000 per year, regardless of your age.
• The maximum after-tax limit will reduce to $100,000 per year ($300,000 under the 3-year bring-forward rules for those under 65 years of age) and even then, only if your total Superannuation balance is less than $1.6 million, as at 30 June the previous financial year.

Consider taking advantage of higher maximum limits on your contributions before 30 June 2017

• Access a maximum limit up to $540,000 for your after after-tax distributions (compared to a maximum of $300,000 using the bring-forward rule from 1 July 2017).
• This may be your last chance to contribute after-tax depending on your age or your current total Superannuation balance.

If you would like more information on the contents of this article, get in touch with Stephen Rockliff of Rockliffs Lawyers in Sydney CBD. Stephen is an accredited specialist in business law and is also the managing partner of Rockliffs Lawyers, so you can feel comfortable in knowing that your business or personal affairs are in the right hands.