Tax-deductible contributions to superannuation funds are called concessional contributions (CC) and are limited to the annual Concessional Contribution' Cap (CCC). The current CCC per person is for the financial year ending 30 June 2022 (FY22) is currently $27,500 p.a. irrespective of the age - full ATO details here. Whilst this has increased from last year, it is a lot lower than it used to be - pre 1 July 2007 the cap for over 50's was $100,000 p.a. so it is becoming increasingly important to manage CC's and CCC's. 

The good news is for members with superannuation balances of less than $500,000 the "brought forward" rule may be applied.  This means that where individuals have not used their CCC's in prior years they can "bring forward" the unused amounts within a 3-year period. The details of the rules may be found here on the ATO website.

Disclaimer: This information is general in nature. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au