One of the recently enacted changes to superannuation is to increase the level of concessional contributions that can be made by people over 59 years of age on 1 July 2013. People falling into this category can now contribute $35,000 (up from $25,000) into superannuation as employer or member concessional contributions for the 2013/2014 financial year.

If you usually salary sacrifice the maximum allowable amount into superannuation we suggest this is the appropriate time to speak with your payroll department / personnel area to ensure that over the next 12 months you take full advantages of the increased contribution limit.

If you need any assistance with this, please do not hesitate to contact our office.

Anne Rollason
Superannuation Specialist