Contribution limits

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

Concessional contributions cap

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.

Starting in the 2018/19 financial year, if you don’t fully use your concessional contribution by 30 June and your total superannuation balance is less than $500,000, your unused concessional contribution cap can be carried forward to the next financial year, commencing 1 July 2019. Any unused carried-forward amounts will expire after 5 years.

Non-concessional contributions cap

Non-concessional contributions are capped at $100,000 per annum.

For individuals with a super balance of equal or more than $1.6 million 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excess non-concessional funds, together with 85% of earnings that have resulted from the contribution, may be withdrawn without penalty.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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