• Concessional contributions cap

    The concessional contributions cap does not limit the amount of contributions that can be made but imposes an additional tax on the excess concessional contributions above the cap for a financial year. The cap applies per person, not per employer or super fund.

    Attention

    Excess concessional contributions count towards the non-concessional contributions cap.

    End of attention

    Table 1: Concessional contributions caps

    Financial year Member under 50 years old Member 50 years old or over - transitional cap

    2012-13

    $25,000

    $25,000

    2011-12

    $25,000

    $50,000

    2010-11

    $25,000

    $50,000

    2009-10

    $25,000

    $50,000

    2008-09

    $50,000

    $100,000

    2007-08

    $50,000

    $100,000

    Indexation of the concessional contributions cap

    Section 960-285External Link contains the indexation rules for the concessional contributions cap. The concessional contributions cap is indexed annually based on movements in the average weekly ordinary time earnings (AWOTE), for the December quarter, rounded down to the nearest multiple of $5,000.

    Attention

    The Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012External Link amends the ITAA 1997 to temporarily pause the indexation of the concessional contributions cap at $25,000 up to and including the 2013-14 financial year.

    Indexation of the concessional contributions cap will restart in the 2014-15 income year when it is expected to increase to $30,000, subject to movements in AWOTE.

    End of attention
      Last modified: 22 Nov 2013QC 34181