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 | Under 50: $30,000 for 2014/15.Over 60: $35,000 for 2014/15. | Under 65 as at 1 July: $180,0001 p.a. or $540,000 over a 3 year period.Age 65 and over as at 1 July: $180,000 a year |
| Tax on Excess Contributions | Any amount that you contribute over the cap will be subject to an additional tax of 31.5% (making the total tax 46.5% including Medicare Levy). For the 2011/12 and 2012/13 financial year, if you had excess contributions of up to $10,000, you can choose to have excess contributions refunded from your super account and assessed as income at the marginal tax rate. From 2013/14, if you have excess concessional contributions, you can choose to have 85% of the contributions refunded to you and taxed at your marginal rate. | Any amount that you contribute over the cap will be taxed at the top marginal tax rate of 46.5% (including Medicare Levy). |
| Payments |
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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 (this is only applicable to self-employed members) |
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.