Contributions can be classified as either concessional (before-tax) or non-concessional (after-tax). Learn more about contribution limits, excess contributions tax. and payments by browsing through the table below.
| Concessional (before-tax) | Non-concessional (after-tax) | |
|---|---|---|
| Contribution Limits/Caps | $25,000 for 2020/21
$27,500 from 2021/22 |
Under 66 as at 1 July: $110,0001 p.a. or $330,000 over a 3 year period. Age 65 and over as at 1 July: $110,000 a year |
| Tax on Excess Contributions | Any amount that you contribute over the cap will be subject to a tax in your personal hands (and thus at your marginal tax rate).
If you have excess concessional contributions, you can choose to have up to 85% of the contributions refunded to you. |
Any amount that you contribute over the cap will be taxed at the top marginal tax rate of 46.5% (including Medicare Levy). |
| Contribution types |
|
Note: Any part of your personal contributions that you later claim as a tax deduction will be taxed at 15% and will be reclassified as concessional contributions |
1 The non-concessional cap is a multiple of the concessional contributions cap and will change in the future when the concessional contributions cap is indexed.
