Concessional contributions to super - what is SG?

Описание: Concessional contributions to super can improve your retirement.
There are number of different contribution types you can make to super and the better the choice you make, the greater your financial benefit will be. So, it only makes sense to understand which type is the best for your situation. Today we will concentrate on contributions to super that are called concessional. I will briefly explain different types of concessional contributions to superannuation and concessional contribution cap and the changes that have been introduced, legislated and are now in force.

What are Concessional contributions?

Concessional contributions are all contributions for which tax deduction is being claimed either by your employer or you. By receiving tax deduction on those contributions made, someone received a tax concession for the balance contributed, hence the name of those contributions being concessional.

What type of contributions are concessional?

We have 3 main types of concessional contributions:

Superannuation Guarantee (SG)

Salary Sacrifice

Personal Contributions for which you claim tax deduction

ATO links:
Check your SG eligibility: https://www.ato.gov.au/calculators-an...
Entitlement estimator: https://www.ato.gov.au/calculators-an...
Report employer not paying your SG: https://www.ato.gov.au/calculators-an...

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