Annual contribution caps
Super's favourable tax rates are available only up to the annual contribution caps set by the Government. There are tax consequences if you go over the caps.
Cap on concessional contributions
The cap for 2019/20 is $25,000. However you are now able to carry forward any unused concessional contributions cap from 1 July 2018, but only if your super balance is less than $500,000 at 30 June in the year immediately preceding. Any unused amounts are able to be used for a maximum of 5 years after which they expire.
Any excess contributions may count towards your non-concessional cap – see tax consequences
Cap on non-concessional contributions
The cap for 2018/19 is $100,000.
If you’re under age 65, you can bring forward up to two years of non-concessional contributions into the current year. Total non-concessional contributions over a three-year period must not exceed $300,000. The bring-forward amount and period depends on your total superannuation balance on 30 June of the previous financial year. (Transitional period arrangements apply if a person triggered a bring-forward in either 2015/16 or 2016/17. See the ATO website.)
Available bring-forward amounts
|Total superannuation balance
||Contribution and bring forward available
|Less than $1.4 million
||Access to $300,000 cap (over 3 years)
|$1.4 million to less than $1.5 million
||Access to $200,000 cap (over 2 years)
|$1.5 million to less than $1.6 million
||Access to $100,000 cap (over 1 year)
|$1.6 million or over
In addition to the annual cap, individuals can contribute a lifetime limit of $1.445 million (indexed annually) from the sale of certain small business assets (conditions apply).
Government co-contributions do not count towards the annual cap.