Contribution limits

There are limits, or caps, on how much you can put into super and still receive tax concessions.

Concessional contributions cap

From 1 July 2017, a concessional contributions cap of $25,000 per annum applies to all individuals regardless of age.

The cap includes all employer super payments (including Superannuation Guarantee amounts), salary sacrificed payments and personal contributions for which you claim a tax deduction.

From 1 July 2018, individuals with a total super balance of less than $500,000 can make additional concessional contributions if they have ‘unused cap amounts’ from the previous five financial years.

Non-concessional contributions cap

From 1 July 2017, non-concessional contributions are capped at $100,000 per annum.

For individuals with a super balance of equal or more than $1.6 million (for 2017/18) the cap is nil.

Some people may be able to ‘bring forward’ up to two years of non-concessional contributions, resulting in a cap of $300,000. For more information view the contributions cap info sheet

Exceeding the caps

Extra tax of 47% may apply where excess non-concessional contributions remain in the fund.

To avoid that liability, excess non-concessional funds, together with 85% of earnings that have resulted from the contribution, may be withdrawn without penalty.

Excess concessional contributions will be included in your assessable income for tax purposes and are also liable for an excess contributions charge.

If you think you are likely to breach either of the caps, talk to us about your options.

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