FAQ: WHAT ARE NON-CONCESSIONAL CONTRIBUTIONS AND THE APPLICABLE CAPS? |
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Non-concessional contributions are your after-tax contributions for which you have not claimed a tax deduction and include member voluntary and spouse contributions. Â If you are under 65 you can contribute up to $150,000 per financial year or $450,000 where the contributions are averaged over 3 years. If you are 65-74 and you meet the work test* you can contribute up to $150,000 of non-concessional contributions per financial year (averaging does not apply). Â If you contribute beyond these limits the excess contributions will be taxed at the top marginal rate of 45% (plus Medicare levy). Â * Between ages 65-74, you must have worked at least 40 hours in not more than 30 consecutive days in the relevant financial year. Â Back |
