• Putting money into superannuation - after-tax contributions. Video transcript

    There are two main types of super contributions: concessional, or before tax, and non-concessional, or after tax.

    This short video will explain non-concessional contributions and the yearly caps on them.

    Non-concessional contributions are payments made into your super fund from after-tax income.

    These contributions are not taxed in your super fund.

    There are caps on the non-concessional contributions you can make each financial year.

    If you go over the cap, you may have to pay extra tax.

    The bring-forward provision allows for a large but irregular contribution, such as an inheritance or windfall.

    Under the provision, if you are under 65, you can contribute up to 3 years’ worth of your usual non-concessional contribution cap in a single year.

    And, as long as you don’t go over this combined cap for the next 2 years, you won’t have to pay extra tax.

    Remember, if you take money out of super and put it back later, it counts as a new non-concessional contribution.

    When working out your super contributions for the financial year, remember: contributions don't count when the payment is sent, they only count once the payment is received by your fund.

    So make sure your fund receives all your contributions by 30 June.

    For more information go to ato.gov.au/supercaps

      Last modified: 01 May 2015QC 44986