• Reduction of concessional (pre-tax) contributions cap to $25,000 per annum

    Currently, individuals can make concessional (pre-tax) contributions up to $30,000 ($35,000 for people 50 years old and over) within a financial year.

    From 1 July 2017, the government will lower the annual concessional contributions cap to $25,000 for all individuals. The cap will index in line with wages growth.

    The intent of this change is to better target tax concessions to ensure the super system is equitable and sustainable.

    See also:

    Summary impacts for APRA-regulated funds

    • Additional information will be required on the Member Contribution Statement (MCS) and on the Member Information eXchange (MIX).
    • There will be an increase in release authorities.
    Last modified: 20 Feb 2017QC 51314