This important information relates to many members super accounts; their circumstances may be different from yours. If you are in doubt about whether or not a particular provision applies to you or if you simply would like further information, please call us on 1300 880 588.
It is important for you to consider your own personal financial circumstances, objectives and needs (your needs). If you would like someone to help consider your needs before making additional contributions you should speak with a licensed or appropriately authorised financial adviser, to speak with a financial adviser please call us on 1300 880 588.
Annual caps apply to contributions to your super. Contributions over these caps are subject to additional tax.
Concessional contributions include employer and salary sacrifice contributions and some other contributions and allocations from reserves.
For financial years 2017-18, 2018-19, 2019-20 and 2020-21 the general concessional contributions cap is $25,000 for all individuals regardless of age.
From 1 July 2021, the general concessional contributions cap is $27,500 for all individuals regardless of age.
From 1 July 2019, individuals may be allowed to exceed their annual concessional contribution cap in a given financial year. In order for this provision to apply, their Total Superannuation Balance on the 30 June immediately prior to the start of that financial year, must be less than $500,000 and they must have unused amounts of concessional contribution cap from within the previous 5 years. Only unused amounts from 1 July 2018 onwards will be considered. If these provisions apply, unused concessional cap amounts from eligible prior years will be available to be used where the current year cap is exceeded, avoiding any excess contribution assessment.
From 1 July 2021 the cap per financial year is:
Note: To accommodate larger contributions, people under the age of 65# (at the start of the financial year) may generally ‘bring forward’ two financial years' of non-concessional contributions. An eligible person who makes a non-concessional contribution in excess of the cap in a financial year automatically triggers this ‘bring forward’ provision.
From the 2020-21 financial year members under the age of 67 may be able to access the bring forward rule. Refer to the ATO website for further information.
The cap on non-concessional contributions reduces to $0 for any given financial year, where the individual held a Total Superannuation Balance in excess of a set balance amount on 30 June immediately prior to the start of that financial year. In addition, the bring-forward provision allowable in any given financial year is also limited based on your Total Superannuation Balance (TSB) on 30 June immediately prior to the start of that financial year. Refer to the ATO website for the current values.
The Government taxes employer and salary sacrifice contributions (if applicable to your circumstances) at a rate of 15% tax. If you exceed your contribution cap you may be charged a higher tax rate by the government.
The Government also applies a rate of 15% tax on any after tax contributions for which you claim a personal tax deduction. You should consult a licensed financial adviser for assistance with what tax rates may apply to your personal circumstances.
If you earn an income of more than $250,000 a year:
If your income is less than $250,000:
For confirmation of your year to date contributions in your account with us, please call 1300 880 588.
