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.
Non-Concessional Contribution Cap. The superannuation non-concessional contribution cap limits the amount you are able to contribute into super in any one financial year. The beginning of a financial year is 1 July and the end is 30 June. The standard non-concessional contribution cap for the 2025 financial year (2024/2025) is $120,000 per person.
Non-concessional (after-tax) contributions are voluntary payments you make to your super from your bank account. This includes any personal contributions not claimed as tax deductions and contributions made directly into your spouse's super account. The standard non-concessional contributions cap for the 2024/25 financial year is $120,000.
There are annual caps (or limits) on the amount of non-concessional contributions you can make into your super account. This annual cap increases in line with indexation of the concessional (before-tax) contributions cap. The general annual cap for non-concessional contributions for 2024–25 is $120,000.
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 balance thresholds for determining eligibility to make non-concessional contributions will change, as outlined in the table below ...
Learn how non-concessional super contributions work, their benefits and limits. Find out if they're right for your retirement strategy. ... Non-concessional contribution limits for 2024 . To prevent excessive contributions and ensure fair tax treatment, the Australian Taxation Office (ATO) sets limits on NCCs. For the 2024–25 financial year ...
(From 1 July 2025, any unused concessional contributions from 2019-20 will no longer be able to be used.) 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 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 contributions are before-tax contributions and are generally taxed at 15%. This includes the super your employer pays for you, any super you salary sacrifice, or any super contribution you’ve made and claimed a tax deduction for. Non-concessional contributions are contributions you can make from your take-home pay.
Non-concessional contributions (NCCs) are super contributions made from after-tax pay or savings. They include: personal contributions you make into your own super account that are not claimed as a tax deduction. personal contributions made by your spouse into your super account (spouse contributions), and
Maximum Personal Super Contributions. The maximum personal non-concessional contribution cap is $120,000 per person, per financial year. This can be increased to $360,000 using the bring-forward rule. The maximum personal concessional contribution cap is $30,000 per person, per financial year.
Non-concessional contributions that exceed the non-concessional contribution cap made on or after 1 July 2013 must be withdrawn from super along with the earnings on those contributions. The earnings are taxed at the taxpayer’s marginal tax rate. If the member fails to withdraw the excess non-concessional contributions from super, they will ...
If you use after-tax money to make a super contribution, this is classified as a non-concessional contribution and there is no tax payable when the contribution is paid into your super account. The general non-concessional contributions cap in 2023-24 is $110,000 provided you meet all the eligibility criteria, such as your Total Super Balance ...
Between 10 May 2006 and 30 June 2007, you could contribute up to $1 million of non-concessional contributions to your super fund. This limit was referred to as the transitional non-concessional contributions cap. If you had more than one fund, all non-concessional contributions made to all your funds were added together and counted towards the cap.
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.
The following table outlines the maximum contribution you can make using the bring-forward arrangement: Total Superannuation Balance at 30 June of the prior financial year ... You don’t need to notify the ATO you are making a non-concessional contribution. Most super funds assume voluntary member contributions are non-concessional unless you ...
The CGT cap allows small business owners to make non-concessional super contributions from the sale of business assets without them counting towards their non-concessional contributions cap, up to a lifetime limit. The cap is indexed annually and is $1,780,000 for 2024–25. ... The cap limits the concessional tax treatment of these benefits.
Currently, the annual non-concessional contributions cap is $120,000. Apart from non-concessional contributions, there are also concessional contributions and limits to the amount of both types of contributions you can make each year. What are the bring-forward rules? The bring-forward rules apply to non-concessional contributions only.
