Superannuation deductions 2009 and future salary packaging

The cap for deductible contributions for 2009 is $50,000, or for those aged over 50 $100,000. From 1 July 2009 the caps will be halved to $25,000 and $50,000 respectively. This means that there is very limited time to make deductible contributions at the current levels.

You may wish to take advantage of the final opportunity to use the higher deductible limits by salary sacrificing your June pay into superannuation, or by directing any June bonus to your fund.

Any salary sacrifice arrangement that you have will need to be reviewed after 1 July 2009 to ensure that the new limits are not exceeded.

Published : 14 June 2009