Superannuation Changes
June 10, 2010 | Deductions
New arrangements affecting superannuation for individuals took effect from 1 July 2009.
1. The government co-contribution has been temporarily reduced to 100% (down from 150%) with maximum co-contribution of $1,000 for 2009-10 and the two subsequent financial years.
2. The concessional contributions cap has been reduced from $50,000 to $25,000 and the transitional cap for over-50s from $100,000 to $50,000.
3. Eligibility for a number of tax offsets and liability for some ancillary payments may be affected by the level and type of superannuation contributions made by, or on behalf of, an individual. Full details were contained in our previous Tax Informer.
