Annual contribution caps apply to your super. If you contribute beyond the caps, the excess will be taxed at the top marginal tax rate plus Medicare levy.
1. Concessional (before-tax) contributions cap:
-
From 1 July 2009, contributions are capped to $25,000* per annum.
-
Under transitional arrangements, if you are at least 50 years of age, the limit is higher at $50,000 per annum. The cap will reduce to $25,000 by the 2012-2013 financial years.
-
This cap includes the compulsory 9% employer contributions, employer notional defined benefit contributions, amounts you salary sacrifice, and contributions you make if you are self-employed and claim a tax deduction. |
2. Non-concessional (after-tax) contributions cap:
-
Contributions are capped to $150,000** per annum.
-
This cap applies to contributions you make yourself using after-tax money.
- If you are less than 65 years of age, you can ‘bring forward' another two years worth of non-concessional contributions, allowing you to contribute up to $450,000. You will then not be able to contribute for the next 3 years.
|
* The $50,000 threshold is indexed to Average Weekly Ordinary Time Earnings (AWOTE) but will only increase once the indexed amount is greater than $5,000. ** This threshold will not be indexed but will remain at three times the level of the cap on concessional contributions and will increase as that cap moves with indexation.
