Concessional Contributions Cap
Concessional contributions include employer contributions (eg. Superannuation Guarantee and contributions made under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by a self-employed or other eligible person.
Income year |
Amount of cap - Persons aged less than 49 (as at 30 June 2014) |
Amount of cap - Persons aged 49 or over (as at 30 June 2014) |
Amount of cap - Persons aged 59 or more(as at 30 June 2013) |
---|---|---|---|
2018-19 | $25,000 | $25,000 | $25,000 |
2017-18 | $25,000 | $25,000 | $25,000 |
2016-17 | $30,000 | $35,000 | $35,000 |
2015-16 | $30,000 | $35,000 | $35,000 |
2014-15 | $30,000 | $35,000 | $35,000 |
2013-14 | $25,000 | $25,000 | $35,000 |
2012-13 | $25,000 | $25,000 | $25,000 |
2011-12 | $25,000 | $50,000 | $50,000 |
2010-11 | $25,000 | $50,000 | $50,000 |
2009-10 | $25,000 | $50,000 | $50,000 |
2008-09 | $50,000 | $100,000 | $100,000 |
2007-08 | $50,000 | $100,000 | $100,000 |
Unused concessional cap carry forward
From 1 July 2018, if you have a total superannuation balance of less than $500,000 at the end of 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap using the carried-forward amounts of your unused concessional contributions.
The first year you will be entitled to carry forward any unused amounts is the 2019-2020 financial year. Unused amounts are available for a maximum of five years, and will expire after this. For Example, in the 2018-19 financial year the cap is $25,000 and you contribute $15,000, you will be able to carry forward the unused $10,000 for the next 5 years (if your total superannuation balance is less than $500,000) on the prior 30 June year end.
Excess concessional contributions
From 1 July 2013, if you exceed your concessional cap, your excess concessional contributions will be included in your assessable income and are subject to your marginal rate of tax plus an “excess concessional contribution charge” (refer to the ATO website for details on the current charge).
The excess contributions are eligible for a 15% tax offset, to allow for the 15% contributions tax already deducted from the super contribution upon entry to the super fund. You can choose to withdraw part or up to 85% of the excess contributions to help pay the higher amount of income tax. You can do this by filling out the excess concessional contributions election form, which provides a release authority to the fund. Alternatively, you can choose to retain the excess concessional contributions within your super account, and pay the extra income tax from your personal savings. If you do choose to retain the excess contributions within your super account, the excess amount will count towards your non-concessional cap.