How do I check my contribution limits?

01/11/2017
Provided by EISS.

Annual caps apply to super contributions. If your contributions exceed these caps then significant additional tax may be payable.

Caps on 'non-concessional' contributions

 

Non-concessional contributions include those made to your super from your after-tax salary for which you do not claim a tax deduction, any excess concessional contributions and some other contributions and allocations from reserves.

The caps from 1 July 2017 are:

  • $100,000, or
  • $300,000* in three years for people under age 65.
 

* 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 - thus being able to make up to $300,000 of non-concessional contributions over 3 years. An eligible person who makes a non-concessional contribution in excess of $100,000 in a financial year automatically triggers this bring forward provision.

 

Caps on 'concessional' contributions

Concessional contributions include employer and salary sacrifice contributions and some other contributions and allocations from reserves.

The cap from 1 July 2017 is $25,000 per year.

For further information, please refer to our Concessional Contributions flyer here.




 
This information has been prepared by EISS for general information only. The information does not take into account your personal objectives, financial situation or needs. Therefore, you should not act on this information if you have not considered the appropriateness of this information to your personal objectives, financial situation and needs. You should consult a licensed or appropriately authorised financial adviser before making any financial decision.
 

Electricity Industry Superannuation Board ABN 57 923 283 236 as Trustee of the Electricity Industry Superannuation Scheme.

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