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Contribution InformationConcessional Contributions Cap$50,000 of concessional contributions per person per year are entitled to the concessional tax rate of 15%. Concessional contributions are generally contributions for which a tax deduction has been claimed, such as employer contributions or personal contributions which you have claimed a tax deduction for in your own tax return. Concessional contributions made over this cap will be imposed with an excess contributions tax of 31.5%, and will also be included in your non-concessional contributions cap for the year. From 2007/08 to 2011/12 there is a tranisitional concessional contributions cap of $100,000 per person per year for individuals aged 50 or over during that period.
Non Concessional Contributions CapA limit of $150,000 per person per year applies. Non concessional contributions generally are contributions for which no deduction has been claimed (they were previously called undeducted contributions). Non concessional contributions made over this cap will be imposed with an excess contributions tax of 46.5%. Individuals under age 65 can bring forward the following two years worth of contributions for a three year limit of $450,000. |