Concessional contributions cap

Concessional contributions include:

employer contributions (including contributions made under a salary sacrifice arrangement)

personal contributions claimed as a tax deduction.

If you have more than one fund, all concessional contributions made to all of your funds are added together and counted towards the concessional contributions cap.

Table 1.1: Concessional contributions caps Income year Date Your age at this date Your concessional contribution cap 2020–21 - All ages $25,000 2019–20 - All ages $25,000 2018–19 - All ages $25,000 2017–18 - All ages $25,000 2016–17 30 June 2016 <49 $30,000 2016–17 30 June 2016 49+ $35,000 2015–16 30 June 2015 <49 $30,000 2015–16 30 June 2015 49+ $35,000 2014–15 30 June 2014 <49 $30,000 2014–15 30 June 2014 49+ $35,000 2013–14 30 June 2013 <59 $25,000 2013–14 30 June 2013 59+ $35,000

Excess concessional contributions from 2013–14 onwards are included as taxable income, taxed at the marginal tax rate plus an excess concessional contributions charge

Table 1.2: Concessional contributions caps Income year Date Your age at this date Your concessional contribution cap 2012–13 - All ages $25,000 2011–12 30 June 2012 <50 $25,000 2011–12 30 June 2012 +50 $50,000 2010–11 30 June 2011 <50 $25,000 2010–11 30 June 2011 +50 $50,000 2009–10 30 June 2010 <50 $25,000 2009–10 30 June 2010 +50 $50,000 2008–09 30 June 2009 <50 $50,000 2008–09 30 June 2009 +50 $100,000 2007–08 30 June 2008 <50 $50,000 2007–08 30 June 2008 +50 $100,000

For 2012–13 and earlier years, excess concessional contributions were taxed at 46.5% (15% levied in the super fund, with an additional 31.5% payable).

Unused concessional cap carry forward

From 1 July 2018 if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make additional concessional contributions for any unused amounts.

The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, and after this period will expire.

Table 2: Unused concessional cap carry forward Description 2017–18 2018–19 2019–20 2020–21 2021–22 General contributions cap $25,000 $25,000 $25,000 $25,000 $25,000 Total unused available cap accrued Not applicable $0 $22,000 $44,000 $69,000 Maximum cap available $25,000 $25,000 $47,000 $25,000 $94,000 Superannuation balance 30 June prior year Not applicable $480,000 $490,000 $505,000 $490,000 Concessional contributions nil $3,000 $3,000 nil nil Unused concessional cap amount accrued in the relevant financial year $0 $22,000 $22,000 $25,000 $25,000

Note: This table assumes no indexing of general cap.

General concessional contributions cap

From 1 July 2017 the general concessional contributions cap is $25,000 and is indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $2,500 (rounded down). From the 2017–18 financial year, the general concessional contributions cap is not calculated based on age.

Higher concessional contributions cap for the 2013–14 and later financial years

The concessional contributions cap was temporarily increased to $35,000:

for the 2013–14 financial year if you were 59 years or over on 30 June 2013

from the 2014–15 to the 2016–17 financial year if you were 49 years or over on the last day of the previous financial year.

Higher concessional contributions cap for the 2012–13 year

For the 2012–13 financial year, the higher concessional contributions cap was equal to the general concessional contributions cap of $25,000.

Higher concessional contributions cap for the 2011–12 and earlier financial years

An increased concessional contributions cap applied until 30 June 2012 for people 50 years or over:

if you were 50 years or over, your annual cap for the 2007–08 and 2008–09 financial years was $100,000

if you were 50 years or over, your annual cap for the 2009–10, 2010–11 and 2011–12 financial years was $50,000.

Last modified: 22 Jul 2020

QC 18123