It would be difficult to find a particular area of tax law more complex and regularly changing than superannuation. However, superannuation can still be a highly tax-effective way to save for your retirement – as long are you are comfortable navigating the rules and staying abreast of the changes!
Due to the concessional tax levied on superannuation, the rules in relation to contributions are designed to limit the amount of contributions that can be made. The contribution limits are per person, per contribution type and also per year. This means that, if you do want to maximise the total contributions you make to superannuation over your lifetime, it is important to have a thorough understanding of what you can contribute and when.
This article is a summary of the most common contribution types available, and when you are able to make them.