When you put money in.

[Until 30 June 2007, when the changes kick in, you can make a non-concessional contribution of up to $1million.]

Before-tax super contribution changes.
It used to be a bit of a complex system, 'if you’re X years old you can put $Z in, and if you're Y you can put $ZZ in'. Now it's less complicated and you've got more time to invest.

• You can invest up to an annual cap of $50,000 (which is taxed at a flat 15%). And now it's the same rule for all ages (which means people younger than 50 are no longer penalised with a heftier super tax bill than everyone else).
• If you invest more than the annual cap amount, you're taxed an additional 31.5% on that amount, and it counts towards your non-concessional contribution cap.
• You've got five more years to invest in super - 75's now the cut-off age.
• For the over 50s there's the Better Super transition period - where you can double your annual before-tax contributions until 30 June 2012 (i.e. the concessional cap is $100,000 instead of $50,000).
• FYI: Before-tax super investments now go by two different names, depending on who you are. If you're self employed or a person sacrificing part of your salary, it's a 'personal deductible contribution'; for employers it's a 'concessional contribution'.

After-tax super contribution changes.

• After tax contributions are now capped at $150,000 per year (it used to be limitless for most people).
• Tax - on your non-concessional contributions kicks in once you go past the $150,000 cap, and it's at the highest marginal rate (currently 46.5%).
• If you go over the cap you can ask your fund to release money from your super account to pay it (so it's not an out-of-pocket expense).
• If you have more than $150,000 that you'd like to invest in super in any one year, you’re able to 'bring forward' two years' worth of contributions. The rules:
  • you can invest up to $450,000 over a three-year period
  • once you hit $450,000, no more can go in till the three-year period is up
  • applies to people younger than 65.
• There are some exclusions to the $150,000 cap, including profits from the sale of a small business and settlements received from serious work-related injuries.
• FYI: After-tax contributions (formerly known as 'undeducted') are now called 'non-concessional'.

[For more insight on the changes please chat with a financial advisor or the Tax Office, or visit the ATO’s Better Super website.]

Helpful stuff for things that might need doing.

• Make sure your super fund has your Tax File Number (otherwise, you could be taxed to the max). Virgin Super members please call 1300 652 770 or download the TFN Form.
• If you don't know your TFN, ask the Australian Taxation Office - call 13 28 61 (or talk to the nice HR person at work).
• Read more about making super contributions.

Other changes under the Virgin Money spotlight.

Why tell us your Tax File Number.	TFN fact sheet
Something for the self-employed.	Self-employed super fact sheet
When you take money out.	Money out fact sheet