The superannuation contributions limits refer to the maximum that can be contributed into your superannuation account in any one financial year. These limits are often referred to as ‘Contribution Caps’.
There are two types of superannuation contributions that can be made to super and there are different limits that apply to each.
Superannuation Contribution Limits 2013/14
The two types of contributions are Concessional (formerly ‘Deductible’) Contributions and Non-Concessional (formerly ‘Undeducted’) Contributions.
Concessional Contributions Cap 2014
The table below details the Concessional Contribution limits for the 2013/14 FY
|Income Year||General Cap||Cap for those aged 59 or over on 30/6/13||Cap for those aged 49 or over on 30/6/2014|
|2014-15||$30 000||$35 000||$35 000|
|2013-14||$25 000||$35 000||$25 000|
|2012-13||$25 000||$25 000||$25 000|
|2011-12||$25 000||$50 000||$50 000|
|2010-11||$25 000||$50 000||$50 000|
Non-Concessional Contributions Cap 2013
The table below details the Non-Concessional Contribution limits for the 2013/14 FY
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|Income Year||Non-Concessional Contribution Cap|
NOTE: If you are under the age of 65, you have the ability to bring forward 2 years’ worth of the Non-Concessional Contribution cap. This effectively allows you to make a $450,000 Non-Concessional Contribution (or $540,000 from 1 July 2014 onwards) in one year and then no more for the following two years.
If you are over age 65 you will need to meet the Superannuation Work Test prior to making a Non Concessional Contribution or Personal Concessional contribution.
Exceeding the Contribution Caps
Exceeding the Concessional Contribution limit (cap) will result in the excess amount being added to your assessable income on your individual tax return and taxed at your Marginal Tax Rate (MTR). Furthermore, the excess amount will count towards your Non-Concessional Contribution cap.
Concessional contributions may need to be included as reportable super contributions. Click here to read more.
Non-Concessional Contributions may make you eligible for the Goverment Co-Contribution. Click here to read more.
All concessional contributions will incur contributions tax at either 15% or 30%.
Any amounts contributed to superannuation are inaccessible until you meet a condition of release. Therefore you should think carefully before contributing.
An employer is only required to pay compulsory contributions up to the SGC cap.
If you would like anything clarified or have any further questions about Superannuation Contribution Limits 2013/14 or any other topics, please do not hesitate to leave a comment.