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Concessional contributions include:
If you have more than one fund, all concessional contributions made to all your funds are added together and counted towards the cap.
Amount of general cap
In accordance with section 960-285 of the Income Tax Assessment Act 1997 (ITAA 1997), the concessional contributions cap is indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $5,000 (rounded down). The new indexed amount is generally available each February.
Indexation of the general concessional contributions cap was paused at $25,000 up to and including the 2013–14 year. Normal indexation resumed for the 2014–15 year.
People aged 59 years or over on 30 June 2013, and 49 years or over on 30 June 2014
The concessional contributions cap will be temporarily increased to $35,000 for the:
The temporary higher cap is not indexed and will cease when the general concessional contributions cap is indexed to $35,000.
Cap for those aged 59 years or over on 30 June 2013
Cap for those aged 49 years or over on 30 June 2014
Concessional contributions cap for people aged 50 years or over up to 30 June 2012
From 1 July 2012, all individuals had a general concessional contributions cap of $25,000.
An increased concessional contributions cap applied until 30 June 2012 for people who were aged 50 years or over:
If you had more than one fund, all concessional contributions made to all your funds were added together and counted towards the cap. This cap was not indexed.
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