• What happens if you go over the super contributions caps? Video transcript

    Making contributions over the super caps has different consequences depending on your age and the type of contribution you make.

    This short video will outline those consequences.

    There are caps on how much money you can put into your super each year.

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

    Once we’ve received and assessed all your financial information, we’ll let you know if you’ve gone over the caps, and what your options are.

    If you go over the concessional, or before tax cap, any concessional contribution you make above the cap, along with an interest charge, will be included in your income tax assessment.

    You can choose to withdraw some of your excess concessional contributions to pay the additional tax.

    If you go over the non-concessional, or after tax cap, you can choose to withdraw the excess non-concessional contributions, and any earnings.

    The earnings would then be included in your income tax assessment.

    If you choose not to withdraw your excess contributions, they’ll be taxed at the top marginal tax rate.

    Check your contributions regularly to make sure you aren’t going to go over any contribution caps.

    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 44987