It's 1 July, so you can now contribute more to super to boost your retirement savings, and potentially reduce your tax.

The new caps are:

• The concessional contribution cap is now $30,000, up from $27,500. These pre-tax contributions include compulsory employer contributions, salary sacrifice and any other contributions you claim a tax deduction for.
  
• The non-concessional contribution cap is now $120,000, up from $110,000. These are after-tax contributions so you do not claim a tax deduction for them.
  
• The maximum non-concessional cap available under the bring-forward provision is now $360,000, up from $330,000. In short, you can 'bring forward' your cap for future years to contribute three years' worth of cap space at once. This limits your ability to again use this method for the remainder of those three years.
  
• The total superannuation balance (TSB) cap is now $1,900,000, up from $1,700,000. In short, if you're above this threshold you can no longer make non-concessional contributions, and if your total super balance (individually) is above $1,660,000 you'll have a reduced capacity to make non-concessional contributions.

In addition to the adjusted contribution caps and thresholds outlined above, the compulsory employer superannuation guarantee (SG) rate is now 11.5 per cent, up from 11 per cent. So, if you’re a salary or wage earner, the opportunity to make increased voluntary concessional contributions from the indexation of the cap will be partly absorbed by the increase in your employer’s SG contributions.

Reach out to your adviser directly if you've got questions about how you can smartly navigate the changes to super - otherwise they'll be in touch with you at the right time.