Contribution caps
Financial year | Non-concessional cap
| Concessional cap
|
|---|---|---|
| 2020-21 | $100,000 see Note 1 | |
| 2019-20 | $100,000 see Note 1 | |
2018–19 | $100,000 see Note 1 | $25,000 Any age |
2017–18 | $100,000 see Note 1 | $25,000 Any age |
2016–17 | $180,000 | $30,000 Less than 49 on 30 June 2016 $35,000 49 or older on 30 June 2016 |
2015–16 | $180,000 | $30,000 Less than 49 on 30 June 2015 $35,000 49 or older on 30 June 2015 |
2014–15 | $180,000 | $30,000 Less than 49 on 30 June 2014 $35,000 49 or older on 30 June 2014 |
2013–14 | $180,000 | $25,000 Less than 59 on 30 June 2013 $35,000 59 or older on 30 June 2013 |
Note 1: The non-concessional cap for an income year is a multiple of the concessional contributions cap.
From 1 July 2017, your non-concessional cap is nil – for a financial year – if you have a total superannuation balance greater than or equal to the general transfer balance cap ($1.6 million) at the end of the previous financial year. In this case, if you make non-concessional contributions in that year, they will be excess non-concessional contributions.
If you are under 65 years old, you may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year. If eligible, when you make contributions greater than the annual cap, you automatically gain access to future year caps. This is known as the ‘bring-forward’ option.
From 1 July 2017 your total superannuation balance at the end of the previous financial year will determine:
- the non-concessional contributions cap you can bring forward and
- whether you have a two-year or three-year bring-forward period.
If you enter a bring forward arrangement in either the 2012–13 or 2013–14 financial year you will be locked into a $450,000 cap over three years; however in the 2014–15 financial year your bring forward cap is $540,000.
From 1 July 2017 the bring-forward amount and period is dependent on your total superannuation balance on the day before the financial year contributions that trigger the bring forward.
Transitional period transitional arrangements apply if you triggered a bring forward in either the 2015–16 or 2016–17 financial years. If you have triggered a bring forward before 1 July 2017 and you have not fully utilised your bring-forward cap before 1 July 2017, your cap will be reassessed on 1 July 2017 to reflect the new annual cap.
During the transitional periods (highlighted in the following table), contributions made prior to 1 July 2017 will affect your total non-concessional contributions capacity over the following two years.
Becareful incuring excess concessional contributions charges
Additional tax on concessional contributions (Division 293)
Division 293 tax is an additional tax on super contributions which reduces the tax concession for individuals whose combined income and contributions are greater than the Division 293 threshold.
Division 293 tax is charged at 15% of an individual’s taxable contributions.
Division 293 threshold
An individual's income is added to certain super contributions and compared to the Division 293 threshold. Division 293 tax is payable on the excess over the threshold, or on the super contributions, whichever is less. The rate of Division 293 tax is 15%.
Income year | Threshold |
|---|---|
2017–18 onwards | $250,000 |
2012–13 to 2016–17 | $300,000 |