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Concessional contributions include:
Check out the Australian Taxation Office (ATO) website for a more detailed definition of concessional caps.
The concessional contribution cap is $25,000 for 2012-2013.
Contributions above the cap will be taxed at 31.5% (in addition to 15% paid by the super fund). If you exceed a contributions cap, you will receive an excess contributions tax assessment from the ATO. You will be required to pay the excess tax yourself and/or by drawing on your super.
Any concessional contributions in excess of the cap will also count towards the non-concessional contributions cap.
Non-concessional contributions include:
The non-concessional contribution cap is $150,000 for 2012-2013.
If you are under 65 in the financial year these contributions are made, the $150,000 cap can be averaged over three years to make a larger one-off payment of up to $450,000 in a single year.
Check out the ATO website for a more detailed definition of non-concessional caps.
The Transition concessional cap (for people over 50) does not apply for the 2012-2013 financial year. For 2013-2014 the Federal Government intends to introduce a higher concessional cap for people over 50 with a total superannuation balance of less than $500,000. For more information refer to the ATO website.
For more information, please see the ATO website.
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