How much can I put into my super?

5th December 2018

There a few different things to know about contributing into your super fund. There are different kind of caps on how much you can put into your super during a financial year and there are also restrictions and tests that must be met.

Contribution Caps

  • Concessional – employer (including Salary Sacrifice), personal contributions claiming a deduction within personal tax return - $25,000.00
  • Non-concessional – personal contributions, which are not being claimed as a personal deduction - $100,000.00
  • Non-concessional 3 Year Bring Forward Cap – can use up to 3 years of non-concessional cap within one year - $300,000.00

But if the whole 3 year bring forward cap is used; no more non-concessional amounts can be received until the 3 years are up.  For example, if someone contributes $300,000 in the 2018 financial year, this will trigger the 3 year bring forward cap.  So, the 3 years would be the 2018, 2019 and 2020 financial years.  Which means that this person can’t contribute any more non-concessional amounts until the 2021 financial year. 

Restrictions

  • Age restriction - as soon as someone turns 75 years old, contributions are no longer able to be received, except for employer mandatory contributions. There is a 65 year old restriction on the 3 year bring forward cap. Anyone 65 or over can’t use the bring forward cap.
  • Work test - anyone between ages 65 and 74 needs to meet the work test qualification. The work test requires the person to work at least 40 hours within a 30-day consecutive period. 
  • Member Superannuation Fund - If a member’s superannuation balance is more than $1.6 million as of 30 June the year before, the non-concessional cap will be nil, so only concessional contributions can be received.

If you have any questions concerning your super, please contact us.

We have superannuation experts available to assist you.
Phone 1300 678 764 or contact your nearest Skybridge office.