For the 2017 Financial Year, if you are 49 years old or under this age, your maximum concessional contribution is up to $30,000.  If you are older than 49 as at 30th June, 2016 your maximum concessional contribution is up to $35,000.

This is currently under review and it is likely that concessional contribution caps may be reduced to a flat rate of $25,000 for everyone from 1 July, 2017.  Advice is always beneficial to maximise the tax deductibility of superannuation contributions as there are many rules distinguishing between different types of contributions and different entities which may make tax deductible superannuation contributions.

It is critical that a super fund trust deed is regularly updated to comply with the ever changing legislation and to adhere to the legal requirements of the Australian Tax Office.  Simply put, if the deed does not keep up with legislative changes then your fund runs the risk of either missing out on opportunities resulting from legislative change or becoming a non complying fund and paying more tax than necessary.

You may be able to top up your super before tax by arranging with your employer to forego part of your future before-tax salary in return for your employer making a contribution to super of a similar value. This is a concessional contribution known as ‘salary sacrificing’ and can have tax benefits. You may be able to top up your super after tax by making personal (or non-concessional) contributions. These can be one-off payments or regular contributions, and can be made via BPAY, Direct debit or Payroll directions. Find out more about growing your super, by contacting our Superannuation specialist Angela Reissis on (03) 9744 7144.

Unfortunately, there’s no single answer to this question however there is a simple answer to this question. You will want to have a superannuation balance that allows you to retire to the lifestyle you want - we can retire from work OR we can retire to a new way of life and lifestyle and, in part, your superannuation balance will determine that new way of life and lifestyle.  The ASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years however, whilst these benchmarks can be useful it's important to remember that it's your retirement and not a "standard retirement".
Our financial planning team are committed to helping you build towards that lifestyle through your working life and then continuing that journey through your retirement so you can have the best chance of having the lifestyle you would like and leaving a legacy that satisfies your desires.