Concessional contributions cap
Concessional contributions include:
- employer contributions (including contributions made under a salary sacrifice arrangement)
- personal contributions claimed as a tax deduction.
If you have more than one fund, all concessional contributions made to all of your funds are added together and counted towards your concessional contributions cap.
Table 1.1: Concessional contributions caps
Income year
|
Date
|
Your age at this date
|
Your concessional contribution cap
|
2022–23
|
N/A
|
All ages
|
$27,500
|
2021–22
|
N/A
|
All ages
|
$27,500
|
2020–21
|
N/A
|
All ages
|
$25,000
|
2019–20
|
N/A
|
All ages
|
$25,000
|
2018–19
|
N/A
|
All ages
|
$25,000
|
2017–18
|
N/A
|
All ages
|
$25,000
|
2016–17
|
30 June 2016
|
<49
|
$30,000
|
2016–17
|
30 June 2016
|
49+
|
$35,000
|
2015–16
|
30 June 2015
|
<49
|
$30,000
|
2015–16
|
30 June 2015
|
49+
|
$35,000
|
2014–15
|
30 June 2014
|
<49
|
$30,000
|
2014–15
|
30 June 2014
|
49+
|
$35,000
|
2013–14
|
30 June 2013
|
<59
|
$25,000
|
2013–14
|
30 June 2013
|
59+
|
$35,000
|
Excess concessional contributions are the amount of concessional contributions you make over your cap in a financial year. From 2013–14 onwards the excess contributions are included as taxable income and taxed at the marginal tax rate. Also, you are liable for an excess concessional contributions charge. Individuals who make contributions from 1 July 2021 that exceed their cap, will no longer be liable to pay the excess concessional contributions charge.
Table 1.2: Concessional contributions caps
Income year
|
Date
|
Your age at this date
|
Your concessional contribution cap
|
2012–13
|
N/A
|
All ages
|
$25,000
|
2011–12
|
30 June 2012
|
<50
|
$25,000
|
2011–12
|
30 June 2012
|
+50
|
$50,000
|
2010–11
|
30 June 2011
|
<50
|
$25,000
|
2010–11
|
30 June 2011
|
+50
|
$50,000
|
2009–10
|
30 June 2010
|
<50
|
$25,000
|
2009–10
|
30 June 2010
|
+50
|
$50,000
|
2008–09
|
30 June 2009
|
<50
|
$50,000
|
2008–09
|
30 June 2009
|
+50
|
$100,000
|
2007–08
|
30 June 2008
|
<50
|
$50,000
|
2007–08
|
30 June 2008
|
+50
|
$100,000
|
For 2012–13 and earlier years, excess concessional contributions were taxed at 46.5% (15% levied in the super fund, with an additional 31.5% payable).
Unused concessional cap carry forward
From 1 July 2018 if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make additional concessional contributions for any unused amounts.
The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, after which they will expire.
Table 2: Unused concessional cap carry forward
Description
|
2017–18
|
2018–19
|
2019–20
|
2020–21
|
2021–22
|
General contributions cap
|
$25,000
|
$25,000
|
$25,000
|
$25,000
|
$27,500
|
Total unused available cap accrued
|
Not applicable
|
$0
|
$22,000
|
$44,000
|
$69,000
|
Maximum cap available
|
$25,000
|
$25,000
|
$47,000
|
$25,000
|
$96,500
|
Superannuation balance 30 June prior year
|
Not applicable
|
$480,000
|
$490,000
|
$505,000
|
$490,000
|
Concessional contributions
|
nil
|
$3,000
|
$3,000
|
nil
|
nil
|
Unused concessional cap amount accrued in the relevant financial year
|
$0
|
$22,000
|
$22,000
|
$25,000
|
$27,500
|
General concessional contributions cap
From 1 July 2021 the general concessional contributions cap is $27,500 as a result of indexation in line with average weekly ordinary time earnings (AWOTE).
From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000. From the 2017–18 financial year, the general concessional contributions cap is not calculated based on age.
Higher concessional contributions cap for the 2013–14 and later financial years
The concessional contributions cap was temporarily increased to $35,000:
- for the 2013–14 financial year if you were 59 years or over on 30 June 2013
- from the 2014–15 to the 2016–17 financial year if you were 49 years or over on the last day of the previous financial year.
Higher concessional contributions cap for the 2012–13 year
For the 2012–13 financial year, the higher concessional contributions cap was equal to the general concessional contributions cap of $25,000.
Higher concessional contributions cap for the 2011–12 and earlier financial years
An increased concessional contributions cap applied until 30 June 2012 for people 50 years or over:
- if you were 50 years or over, your annual cap for the 2007–08 and 2008–09 financial years was $100,000
- if you were 50 years or over, your annual cap for the 2009–10, 2010–11 and 2011–12 financial years was $50,000.
Last modified: 13 Jan 2023QC 18123