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).|
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.