Superannuation Contribution Concessional Cap Limits
Superannuation contribution cap limits 2015-2016 need to be considered with the financial year finishing next week.
There are two types of super contributions:
Types of concessional (before-tax) contributions include:
- employer contributions, such as
- compulsory employer contributions paid by your employer
- any additional pre-tax super contributions your employer makes
- salary sacrifice payments made to your super fund
- other amounts paid by your employer from your pre-tax income to your super fund, such as administration fees and insurance premiums
- contributions that you are allowed as an income tax deduction, such as contributions you make if you are self-employed
Your contributions caps if you are under 50 years of age
| Concessional (general cap) | Non-concessional cap | |
| 2015–16* | $30,000** | $180,000 |
| 2014–15* | $30,000** | $180,000 |
| 2013–14* | $25,000** | $150,000 |
| Tax on amounts over the cap | Included in your income tax return and taxed at your marginal rates. | 46.5%*** |
There is 15% tax payable by your fund on concessional (before-tax) contributions paid into a super fund. Your super fund usually reduces your super account by your share of this tax.
You are between 50 and 60 years old
Your contributions caps
| Concessional cap | Non-concessional cap | |
| 2015-16* | $35,000** | $180,000 |
| 2014–15* | $35,000** | $180,000 |
| 2013–14 | $25,000** | $150,000 |
| Tax on amounts over the cap | Included in your income tax return and taxed at your marginal rates. | 46.5%*** |
Tax tip
To receive a business tax deduction in your 2015-2016 tax return, employer superannuation contributions must be paid prior to 30th June 2016. Now is the time to get your payroll systems up to date and prepay the June quarter contribution amounts before 30th June 2016