As we edge closer to the end of the financial year, it may be timely to remind employees of annual super contribution limits so they can avoid paying extra tax.
For 2018/19, the annual limit on before-tax contributions remains at $25,000 for all age groups. Before-tax contributions don’t just include salary sacrifice contributions; super guarantee contributions also count towards the limit.
The annual limit on after-tax contributions remains at $100,000 for this financial year. We suggest you remind your employees to check in with the payroll office at work to find out how much they have already been paid.
For more on growing your super and contribution limits visit australiansuper.com/growyoursuper