There are two types of super contributions:
Concessional (before tax) contribution caps
Concessional contributions include:
- All employer contributions (including salary sacrifice) from your before-tax income
- Personal contributions for which you claim an income tax deduction (e.g. self-employed people)
Check out the Australian Taxation Office (ATO) website for a more detailed definition of concessional caps.
|For 2015-16||People born after 30 June 1966||People born on or before 30 June 1966
|Other information||Any concessional contributions in excess of the cap will also count towards the non-concessional contributions cap.||Any concessional contributions in excess of the cap will also count towards the non-concessional contributions cap.|
What if you exceed your concessional contributions cap?
If you exceed your concessional contributions cap, the ATO will look at information provided to them from your super funds (including Sunsuper) as well as information you report in your tax return to assess if you need to pay the excess concessional contributions charge. Check out the ATO website for more information on what happens if you go over your concessional contributions cap and how any tax can be paid.
Non-concessional (after tax) contribution caps
Non-concessional contributions include:
- Personal member voluntary contributions (no tax deduction claimed)
- Spouse contributions
- Any concessional contributions over the concessional contribution cap
Check out the ATO website for a more detailed definition of non-concessional caps.
||Under age 65
||Aged 65 and over
|Tax on amounts over the cap||49%||49%|
|Other information||People under 65 may be able to bring forward two years’ worth of non-concessional contributions, allowing you to contribute up to three times the cap (that is $540,000) at once or at any time during the three financial years.||The “bring forward” rule does not apply to people aged 65 or over.|
What if you exceed your non-concessional contributions cap?
Legislation has been passed to allow members to withdraw excess non-concessional contributions made from the 2013/14 financial year onwards, plus associated earnings. The ATO will contact you about your situation if this applies to you. Check out the ATO website on what happens if you go over your non-concessional contributions cap.