The maximum concessional (or tax deductible) contributions an eligible individual can make each year without breaching the cap amount is $25,000.  Many salary or wage earners will not reach this level. Salary sacrificing additional superannuation contributions offers individuals a tax effective strategy of increasing their retirement savings. Despite the availability of information regarding this arrangement, many issues persist; general misinformation and confusion continue to cause issues for both employees and employers. Therefore, it is vital that both these parties understand this arrangement and their potential responsibilities before entering into a salary sacrifice agreement. Salary sacrificing, or salary packaging, is an arrangement facilitated by … Continue reading Increasing Superannuation Contributions