July 2019 sees the introduction of the new catch-up contribution rules, which allow people with less than $500,000 in super to make extra concessional contributions up to their previously unused $25,000 annual cap.
So, if $10,000 went into your super last financial year, this financial year you could put in $25,000 plus last year’s unused $15,000.
However, take care!
The rules only apply to unused contribution caps starting from the 2018-19 financial year.
There are many eligibility and threshold tests throughout the superannuation system.
So, obtain advice and consider regular conversations about life insurance, superannuation, retirement, etc.