How much super can you contribute

Non-concessional contributions can include: personal contributions that your employer makes from your after-tax income contributions your spouse makes to your super fund personal contributions not claimed as an income tax deduction contributions in excess of your concessional contributions cap which have not been withdrawn from the superannuation fund contributions in excess of your capital gains tax cap amount; and most transfers from foreign super funds.

What are the caps? Contributing in excess of the cap You can contribute more than the caps, but you should be aware that you may have to pay additional tax on the excess amounts.

Tips to avoid going over the caps If you claim a tax deduction for your personal contributions, remember this means they will count against your concessional contributions cap, not your non-concessional contributions cap. Contributions count in the year they are received by the fund, not in the period in which they accrued. Therefore, you should ask your employer when the last contribution to your fund for the financial year will be so that you have all the right information.

Allow sufficient time for payments to be processed by your fund. You should check when your contribution is likely to be received by your fund. If using a third party, such as a financial planner to make the contributions, they need to ensure the contribution arrives at the fund before the end of the year. If in doubt, you should check with your fund about when your contributions have been received. You may also like to speak to your super fund about whether you should adjust your intended contributions in the next year to avoid making excess contributions.

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Find out more Aged care — making an informed decision Client stories Online videos. PDF this page Contributing to super 1 July updated annually Superannuation is arguably the most tax-effective way to save for your retirement, as contributions and withdrawals are taxed at a concessional rate. Are you eligible to contribute? Types of contributions 1.

Concessional contributions Concessional contributions are contributions made into your super fund for your benefit, and which have generally been claimed as a tax deduction, by you or your employer. Limits on concessional contributions Because of the tax concessions there is a limit on the amount of concessional contributions you can make.

Non-concessional contributions These are contributions you make a super fund for which you have not claimed a personal tax deduction. Non-concessional contributions can include contributions made by: you with after-tax money where a deduction has not been claimed, or a spouse Advantages of non-concessional contributions A non-concessional contribution is made with after tax money and therefore, offers the following benefits: There will be no tax on contributions.

The earnings on your investment will be taxed at a maximum rate of 15 per cent and tax free in retirement phase. When you access your super in the future, any non-concessional contributions will be returned to you completely tax-free, either as part of a lump sum payment or over time as part of a pension.

By making a non-concessional contribution you may qualify for a super co-contribution from the Government. Limits for non-concessional contributions There is a limit on the level of non-concessional contributions you can make to super each financial year. If your total super balance is between Your maximum contribution is Which accounts for the contribution caps in Spouse contributions Making non-concessional contributions to your spouse's super fund can be an effective strategy to reduce, or even eliminate, the amount of tax you pay.

What is the definition of spouse? Conditions for making spouse contributions To make a spouse contribution without having to meet further conditions, your spouse must be under Government's super co-contribution The Government's super co-contribution is an initiative aimed at encouraging Australians to invest more for their retirement.

You can accept cookies to continue browsing as normal. Cookies remain on your equipment until you erase them or they expire. You can modify your personal computer settings at any time to prevent cookies from being stored. Please read our terms and conditions for more information. Search Login. There are two types of limits, or caps: Concessional contributions cap This is a limit to the amount of concessional before-tax contributions you or your employer can make to your super each financial year.

If you have more than one super account, all of the concessional contributions made to all of these accounts count towards this cap. The exception is if you have a West State Super or Gold State Super account, as these are constitutionally protected funds, and different caps apply. Non-concessional contributions cap This is a limit to the amount of non-concessional after-tax contributions you can make. If you have more than one account, all of your non-concessional contributions made to all of your accounts are added together and counted towards this cap.