Contributions Caps from 1 July 2014 to 30 June 2017
In addition to applying the usual age and work test restrictions in SIS Reg 7.04 (1), (see the ‘Age & Work Test’ link below), a regulated superannuation fund must not accept any non-concessional contributions in a financial year in respect of a member that exceed:
Non-concessional contribution limit (1)
Under 65 years old on 1 July of the year
$180,000 per annum or $540,000 if averaging over 3 years, provided that the contributions are made prior to turning age 65. Otherwise the work test must be satisfied.
Age 65-74 years old on 1 July of the year
$180,000 per annum – but only if you satisfy the work test (2)
(1) This cap is equal to 6 times the standard concessional contribution cap. Therefore if the concessional contribution cap is not indexed in a particular year then this cap will not change either.
The Bring Forward Rule
(2) People who contribute $540,000 prior to turning 65 (e.g. age 64) will not also be required to meet the work test in the two tax years after they make the contribution.
2016 Budget Proposal – Warning
WARNING – Re Non Concessional Super Contributions!
From 1 July 2017, the annual non-concessional contribution limit will drop to $100,000 and the maximum bring forward limit will drop to $300,000 (subject to legislation). However, no non-concessional contributions will be allowed under the proposed legislation if your superannuation accounts exceed $1.6m.
The concessional contribution limits below apply to the total contributions made on behalf of a person irrespective of whether they are made by multiple employers or unsupported persons.
Under age 49#
Age 49 or more#
# Age as at 1 July