Concessional contributions cap - Australian Taxation Office

Jul 1, 2017 · The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. From 1 July 2024, the concessional contributions cap is $30,000. From 1 July 2021 …

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Concessional Contributions Cap - Australian Taxation Office

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ato.gov.au

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Super Contributions Optimiser - Moneysmart.gov.au

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Age (as of June 30 this year) Income: ($, before tax, max: $1,000,000) Frequency. Employer contribution: (%) (min: 11.5%, max: 25%) If you are self employed, enter in 0% for employer …

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Maximising Concessional Contributions Into Super : R/AusFinance

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The maximum withdrawal rate is 85% of concessional contributions (source: ATO ). If you want to withdraw the full 50K you’d have to use non concessional contributions and you’d miss out on …

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Why It Can Pay To Put As Much As Possible Into Super - SuperGuide

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Sep 2, 2024 · Instead of paying income tax at a marginal rate of up to 45% you pay contributions tax of just 15%, or 30% if your income and concessional contributions total more than …

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How To Make The Most Of Your Super Contributions - SuperGuide

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In 2024–25, your total income must be below $60,400 to qualify for any co-contribution. If your total income is above this threshold, you can skip ahead to step 3. Learn more about co …

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Carry Forward Unused Concessional Super Contributions | Findex

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Aug 10, 2023 · Assess individual contribution caps and carry forward amounts. Generally, the concessional contribution cap is $27,500 for all ages. If you have not contributed the whole …

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How To Make Superannuation Contributions For High-Income …

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Oct 10, 2024 · Division 293 tax is an additional 15% tax applied to concessional contributions for individuals with adjusted taxable incomes exceeding $250,000. This brings the total tax on …

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I Put Too Much Into Super – What Should I Do? - Financial Review

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Nov 22, 2022 · A: As someone with close to $2 million in super, the maximum annual amount of concessional contributions you and an employer can make on your behalf without any …

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Explaining Superannuation | Tax & Super Recontribution Strategies

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non-concessional contribution cap which is $120,000 from 1 July 2024. bring forward non-concessional contributions – if your total super balance (TSB) at 30 June 2024 is: $1.9million …

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What Are Super Concessional Contributions & How Do They Work?

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Concessional Contribution Limits. The concessional contribution cap is $30,000 per person, per financial year. All types of concessional contributions count towards this cap. You are able to …

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Superannuation: How To Minimise Tax On A Super Balance Of $5m

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Nov 6, 2024 · Q: Can going into the pension phase help our super contribution strategy? I’m 64 and my wife is 65. I have a $3.4 million super balance, and her balance is $1.7 million. I am a …

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FAQs about Concessional contributions cap - Australian Taxation Office Coupon?

What is a concessional Super contribution?

Concessional super contributions are contributions made into your self managed super fund using income that has not been taxed at your marginal tax rate. It's also known as the before-tax or pre-tax contribution. You or your employer can make a concessional contribution, subject to the contribution eligibility rules. ...

How does concessional superannuation reduce tax?

The concessional superannuation environment reduces tax in a number of ways, including providing tax deductions for certain contributions, reducing or eliminating personal CGT, as well as concessional tax treatment of investment earnings within super. Here’s how: ...

What is the concessional contributions cap?

The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. From 1 July 2024, the concessional contributions cap is $30,000. From 1 July 2021 to 30 June 2024, the concessional contributions cap for each year was $27,500. ...

What is a concessional contribution?

1. Concessional (before-tax) contributions These contributions are made from your income before you pay income tax. There is a 15% contributions tax payable on these contributions when they are added to your super account, which for people on medium or high incomes, is less than their marginal income tax rate. ...

What happens if I exceed the concessional contributions cap?

If you exceed the concessional contributions cap in any one financial year, the excess amount will be included as assessable income in your personal tax return, minus any tax on super contributions already paid. You can apply to have the excess contribution amount refunded to you. ...

Are super tax concessions a good idea?

While super tax concessions undoubtedly favour wealthier individuals, there are also incentives for lower income earners to add to their retirement savings. If you earn $45,400 or less in 2024-25, the government will contribute 50c for every dollar of personal contributions you make into your super account, up to a maximum of $500. ...