Contributions caps - Australian Taxation Office

4 days ago · From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000. From the 2017–18 financial year, the general concessional contributions cap isn't calculated based on age. Higher concessional contributions cap for the 2013–14 and later …

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Contributions Caps - Australian Taxation Office

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ato.gov.au

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Contribution Caps - Australian Taxation Office

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Apr 30, 2024 · If a member’s non-concessional contributions exceed the cap, a tax of 47% is levied on the excess contributions. Individual members are personally liable for this tax and …

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Super Contributions Tax: Understanding (ATO) Rules

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After-tax contributions, also known as non-concessional contributions, are made from income that has already been taxed. These contributions are not subject to the 15% contributions tax. The …

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Australia: Superannuation & Funds Management - What's News

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Jun 16, 2013 · Increased super caps measure passes lower house - MEDIA – 29 May 2013 - A move to increase the concessional contributions caps from $25,000 to $35,000 for those aged …

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FAQs about Contributions caps - Australian Taxation Office Coupon?

What is a contribution cap?

Contribution caps limit how much you can contribute to your super each financial year. The cap amount depends on your age, super balance, and what types of contributions are made, after-tax (non-concessional) or before-tax (concessional). The information below describes the contribution caps and tax rates for the 2024/25 financial year. ...

What are superannuation contribution caps?

Superannuation contribution caps are categorised as concessional, non-concessional and CGT amounts, with some further differentiation based on the age and status of the superannuation fund member. Concessional contributions are essentially those contributions which are tax deductible, and include both employer and personal contributions. Notes: ...

What is the concessional contributions cap?

The concessional contributions cap was temporarily increased to $35,000: from the 2014–15 to the 2016–17 financial year if you were 49 years or over on the last day of the previous financial year. For the 2012–13 financial year, the higher concessional contributions cap was equal to the general concessional contributions cap of $25,000. ...

What happens if a member's contributions exceed the cap?

If a member's contributions exceed the cap, the amount will be included in the member's assessable income and taxed at their marginal tax rate. From 1 July 2018, members can make 'carry-forward' concessional super contributions if they have a total superannuation balance of less than $500,000. ...

When will Australia's superannuation contribution caps and SG maximum contribution base increase?

Australia’s superannuation contribution caps and superannuation guarantee (SG) maximum contribution base will increase from 1 Jul 2021. The increases feature in updated superannuation rates and thresholds published by the Australian Taxation Office. ...

What if I exceed the concessional contribution cap?

contributions are made in excess of the concessional cap for the year. The 2020-21 annual contribution limit is $25,000. From the 2021-22 year the limit is $27,500 and from 2024-25 it is $30,000. Exceeding the contributions caps automatically invokes higher tax or loss of preferred tax status. See the notes under Excess Contributions Tax. ...