SUPERANNUATION
Non-Concessional Contributions
Non-concessional contributions are made into your super fund from after-tax income. These contributions are not taxed in your super fund.
There are caps on the non-concessional contributions you can make each financial year.
From 1 July 2017, the annual non-concessional (after tax) contribution cap was reduced from $180,000 to $100,000 per year. The cap will be indexed in line with the concessional contributions caps.
If you exceed your non-concessional contributions cap in a financial year, you must lodge a tax return for that year, and you may have to pay extra tax.
Non-Concessional Contributions Caps
| Financial Year | Non-Concessional Cap | Tax on amounts over Cap |
|---|---|---|
| 2020 – 2021 | $100,000 | 47% |
| 2019 – 2020 | $100,000 | 47% |
| 2018 – 2019 | $100,000 | 47% |
| 2017 – 2018 | $100,000 | 47% |
| 2016 – 2017 | $180,000 | 47% (plus 2% budget repair levy) |
| 2015 – 2016 | $180,000 | 47% (plus 2% budget repair levy) |
| 2014 – 2015 | $180,000 | 47% (plus 2% budget repair levy) |
| 2013 – 2014 | $150,000 | 47% |
Types of Non-Concessional Contributions include:
- Contributions you make, or your employer makes on your behalf, from your after-tax income
- Excess concessional (before-tax) contributions you have not elected to release from your super fund
- Contributions your spouse makes to your super fund (unless your spouse makes the contributions because they’re your employer)
- Contributions over your capital gains tax (CGT) cap amount
- Personal contributions not claimed as an income tax deduction
- Retirement benefits you withdraw from your super fund and ‘re-contribute’ to super
How to get started
If you’d like to start adding more to your super
through salary sacrificing. then consult with one
of our financial adviser
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