Contribution Caps for Super

As of 1 July 2014, the maximum amount of money that you can contribute toward your super fund has increased in various ways.

The yearly cap for concessional contributions has been raised from $25,000, where it was set for a number of years, to $30,000 for the 2014-15 financial year. For contributors who were 49 years old or over on 30 June 2014, the cap has been raised to $35,000. Previously, the higher cap, set at $30,000, applied only to those aged 59 and above.

For the 2014-15 financial year, the cap for non-concessional contributions is $180,000, whereas for 2013-14, the maximum amount was set at $150,000. If these amounts are exceeded, the bring-forward provision will be triggered. However, if you also go over those amounts, you will be assessed a 47 percent fine.

Please remember that for all contributions, the timing of the payments can be important. Contributions count toward the financial year in which they were received by the fund, even if they were sent in the previous year.