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.
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.
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.
This means that 2024-25 is the last year that individuals can use any unused concessional contribution cap from 2019-20. 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 ...
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 ...
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.
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.
Exceeding your non-concessional (after-tax) contribution cap. You also need to keep an eye on your annual non-concessional contributions. All the non-concessional contributions made to all your super accounts count towards the annual cap and include: Personal non-concessional contributions; Contributions your spouse makes to your super fund
Use the super contributions calculator to work out the best way to boost your super. ... The non-concessional contribution cap is set at 4 times the concessional cap. Should your projected total superannuation balance exceed the current Transfer Balance Cap of $1,700,000, your non-concessional contributions will be restricted to zero. ...
You will need to be mindful of any age limit restrictions in making non-concessional contributions when aged 75 or more. Also, you are unable to make any further non-concessional contributions if your total superannuation balance exceeded the transfer balance cap of $1.9 million on the most recent 30 June (i.e. end of the previous financial year).
If you exceed your cap, you will have to pay extra tax, and any excess concessional contributions you leave in super will count towards your non-concessional contributions cap. Note: A deduction can only be claimed in whole dollars. If you made a personal contribution in dollars and cents, the residual cents will remain a non-concessional ...
The non-concessional contribution cap of $100,000 per financial year is four-times higher than the concessional contribution cap of $25,000 per year. Allowing you to get more into super While under age 65, an individual is able to ‘ bring-forward ‘ up to two years of the non-concessional contribution cap.
The cap limit is always four times that of the concessional contribution cap limit which makes the current cap limit $120,000 in the 2024/25 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 inform them ...
You can contribute into super as either non-concessional contributions (if you don't claim a tax deduction) or concessional contributions (if you claim a tax deduction). ... (non-concessional) contributions. These limits apply for the 2024/25 financial year. Your total super balance also affects these limits. Tax file number (TFN) requirements ...
For example, let’s say you make a $200,000 contribution in year one, then in years two and three you can still make up to a total of $160,000 in total non-concessional contributions to bring you ...
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 being below your limit. Your personal cap may be different. If you’re age 55 or older, the once-only downsizer contribution cap is $300,000 per person ($600,000 for a couple). ...
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.
