If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds.
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.
As there are tax benefits in holding savings in your super account, the government places a strict annual cap (or limit) on concessional (before-tax) contributions. The general concessional contributions cap for 2024–25 is $30,000 .
Non-concessional contributions. The non-concessional contributions cap is calculated as four times the concessional contributions cap. From 1 July 2025 the non-concessional contributions cap will remain at $120,000. The two- and three-year bring forward limits also remain at $240,000 and $360,000 respectively from 1 July 2025. The total super ...
Tax laws limit the amount of money you can voluntarily contribute to your super account on a concessional basis. 'Concessional' means the contribution is tax deductible. Current super contribution cap for 2025 (2024-25 year) is $30,000 for all age groups. Current super contribution cap for 2026 (2025-26 year) is $30,000…
The non-concessional (after tax) contributions cap for 2024/25 is $120,000 p.a. - or under certain criteria $360,000 over three years. These contributions are voluntary payments to your super that aren't claimed as a tax deduction and are not taxed when paid to your super. But your total super balance must be less than $1.9 million.
Super Concessional Contributions Cap. The superannuation concessional contribution cap is assessed on a per person, per annum basis. The concessional contribution cap for the 2024/2025 financial year is $30,000. This means that the maximum that can be contributed into your super account as a concessional contribution each year is $30,000.
Non-concessional contributions. The non-concessional contributions cap - any contribution made to your super from after-tax earnings - is calculated at four times the concessional cap, so 4 * $30,000, or $120,000 for the 2025-26 financial year. The two- and three-year bring forward limits also remain at $240,000 and $360,000 from 1 July 2025.
Adding to your super with before-tax contributions can help to reduce the tax you pay. You can contribute up to $30,000 each year. These are contributions you have not paid any personal income tax on. They are called ‘concessional contributions’ because the concessional rate of tax paid on super is 15%.
The two types of contributions you can make into super are concessional contributions and non-concessional contributions. Concessional Contribution Cap. The general concessional contribution cap is $30,000 per person for the 2025 financial year. This is the maximum amount that can be contributed into super as a concessional contribution ...
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 carry-forward any unused portion of your super concessional contributions cap each year, from the 2019 financial year onwards, for a period of 5 years ...
Thomson Reuters has released the latest superannuation rates and thresholds for the 2025-26 financial year, based on the Australian Bureau of Statistics' AWOTE figures and in line with Subdivision 960-M of the ITAA 1997. While the concessional contributions cap remains unchanged at $30,000, several other important thresholds are set to increase from 1 July 2025.
you will exceed your concessional (before-tax) contributions cap, which limits the amount that can be contributed to your super fund that is taxed at the concessional rate of 15% you will have to pay Division 293 tax , which applies when your combined income and concessional super contributions for Division 293 purposes is more than $250,000
There are limits on how much you can make in concessional contributions a year with the cap currently sitting at $30,000 as of July 1. ... This is 15% of the concessional contribution made into ...
The concessional contribution cap is currently $30,000 per annum. This applies to all concessional contributions made for or on behalf of a superannuation fund member. The concessional contribution cap is indexed in line with movements in Average Weekly Ordinary Time Earnings however indexation will only be made in $2,500 increments.
There are limits to how much you can put into your super as after-tax (non-concessional) contributions. These limits apply for the 2024/25 financial year. Your total super balance also affects these limits.
Contributions limits. Contributions caps apply to both concessional and non-concessional contributions. Exceeding these caps means you may pay additional tax. From 1 July 2024, the concessional contributions cap is $30,000, inclusive of your SG contributions.
If you exceed these super contribution limits, you may be subject to extra tax, or be required to take the excess out of your super. Concessional (Before-Tax) Super Contributions. Concessional contributions are made using pre-tax income and taxed at 15% instead of your marginal tax rate. Types of Concessional Contributions
