Call our qualified superannuation advisors now on (02) 9871 3429 to see how we may assist in your taxation and superannuation planning.

Call our qualified superannuation advisors now on (02) 9871 3429 to see how we may assist in your taxation and superannuation planning. Our North Rocks office is conveniently located close to Parramatta and Sydney Hills districts.

What are concessional contributions?

Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap. A contributions cap sets a limit on the amount of contributions you can make in any one year.

Concessional contributions include:

  • employer contributions (including contributions made under a salary sacrifice arrangement)
  • personal contributions claimed as a tax deduction by a self-employed person.

New concessional contribution caps for 2013/2014 year

  • $25,000 cap for anyone aged 59 or under
  • $35,000 cap for anyone aged 60 years or over

If you exceed the cap, your excess contributions are likely to be subject to penalty tax.

Personalised taxation & superannuation advice

Everyone’s situation is unique, so book your appointment with Wen of  W Wen and Co on (02) 9871 3429 for tax tips on superannuation contributions.