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 Categories : SMSF

 

Superannuation Fund Contribution Caps

1. Concessional contribution includes employer contributions (including contributions made under a salary sacrifice arrangement), personal contributions claimed as a tax deduction by a self-employed person

Remember if you have more than one fund, all concessional contributions made to all your funds are added together and counted towards the cap.

Concessional Contribution Caps

Income Year General Contribution Cap Cap for those aged 59 years or over on 30 June 2013 Cap for those aged 49 years or over on 30 June 2014
2015-16 $30,000 $35,000 $35,000
2014-15 $30,000 $35,000 $35,000
2013-14 $25,000 $35,000 $25,000

 

2. Non-concessional contributions include personal contributions for which you do not claim an income tax deduction

If you have more than one fund, all non-concessional contributions made to all your funds are added together and counted towards the cap.

Non-concessional contributions cap:

Income Year Non-concessional contributions cap

2015-16

$180,000
2014-15 $180,000
2013-14

$180,000

 

People aged under 65 years may be able to make non-concessional contributions of up to three times their non-concessional contributions cap for the year, over a three-year period. This is known as the ‘bring-forward’ option.

3. CGT cap amount

Under the CGT cap, you can during your lifetime exclude non-concessional super contributions from the non-concessional contributions cap up to the CGT cap amount. The CGT cap applies to all excluded CGT contributions, whether they were made between 10 May 2006 and 30 June 2007 or after 30 June 2007

Income Year CGT cap amount
2015-16 $1,395,000
2014-15 $1,355,000
2013-14 $1,315,000

Disclaimer:

Please note that information provided in this post is general ledger and contribution caps might change. You should consider taking financial/tax advice before making any decision.