Contribution caps

Make it happen

Direct debit request form
Download Direct debit request form [PDF 55KB]

There are two types of super contributions:

Concessional
Non-concessional.
Concessional (before tax) contribution caps

Concessional contributions include:

All employer contributions (including salary sacrifice)
Personal contributions for which you claim an income tax deduction (eg. self-employed people)

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.

What if you exceed the cap?

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 (after tax) contribution caps

Non-concessional contributions include:

Personal member contributions (no tax deduction claimed)
Spouse contributions
Any excessive concessional contributions

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.

Summary of contribution caps

	Concessional cap	Non-concessional cap
2012-2013 financial year	$25,000	$150,000
Tax on amounts over the cap	31.5% (in addition to the 15% paid by super fund)	46.5%
Other information	Any concessional contributions in excess of the cap will also count towards the non-concessional contributions cap.	People under 65 can also bring forward two years, allowing you to contribute up to three times the cap at once, or at any time during the three financial years.

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.

Historical cap amounts

	Concessional cap (for people under 50)	Transitional concessional cap (for people over 50)	Non-concessional cap
2011-12 financial year	$25,000	$50,000	$150,000
2010-11 financial year	$25,000	$50,000	$150,000
2009-10 financial year	$25,000	$50,000	$150,000