SUPERANNUATION CONTRIBUTION CAP & more!!
CONCESSIONAL CONTRIBUTION:
- employer contributions (including contributions made under a salary sacrifice arrangement)
- personal contributions claimed as a tax deduction by a self-employed person after submitting form Notice of Intent to claim a Superannuation deduction. More info herein: https://www.ato.gov.au/forms-and-instructions/superannuation-personal-contributions-notice-of-intent-to-claim-or-vary-a-deduction
Concessional contributions caps
| Income year | Date | Your age at this date | Your concessional contribution cap |
|---|---|---|---|
| 2025–26 | n/a | All ages | $30,000 |
| 2024–25 | n/a | All ages | $30,000 |
| 2023–24 | n/a | All ages | $27,500 |
| 2022–23 | n/a | All ages | $27,500 |
| 2021–22 | n/a | All ages | $27,500 |
| 2020–21 | n/a | All ages | $25,000 |
NON-CONCESSIONAL CONTRIBUTIONAL CAP:
Non-concessional contributions include personal contributions for which you do not claim an income tax deduction.
| Income year | Amount of cap |
|---|---|
| 2025–26 | $120,000, see Note 1 |
| 2024–25 | $120,000 see Note 1 |
| 2023–24 | $110,000 see Note 1 |
| 2022–23 | $110,000 see Note 1 |
| 2021–22 | $110,000 see Note 1 |
| 2020–21 | $100,000 see Note 1 |
| 2019–20 | $100,000 see Note 1 |
| 2018–19 | $100,000 see Note 1 |
| 2017–18 | $100,000 see Note 1 |
CGT cap amount
Under the CGT cap, you can during your lifetime, exclude non-concessional super contributions from your non-concessional contributions cap up to the CGT cap amount. The CGT cap applies to all excluded CGT contributions, whether they were made between 10 May 2006 and 30 June 2007 or after 30 June 2007.
| Income year | Amount of cap |
|---|---|
| 2025–26 | $1,865,000 |
| 2024–25 | $1,780,000 |
| 2023–24 | $1,705,000 |
| 2022–23 | $1,650,000 |
| 2021–22 | $1,615,000 |
| 2020–21 | $1,565,000 |
Also, high income earners can get taxed under Div 293 !
Division 293 tax on concessional contributions by high-income earners
If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax.
About Division 293 tax
Division 293 tax is an additional tax on super contributions, reducing the tax concession for individuals whose combined income and concessional contributions for Division 293 purposes is more than $250,000.
Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less.
Division 293 income
The income component of the Division 293 tax calculation is based on the same income calculation used to determine the Medicare levy surcharge (MLS), disregarding any reportable superannuation contributions.
The components of this income calculation are:
- taxable income (assessable income minus allowable deductions)
- total reportable fringe benefits amounts
- net financial investment loss
- net rental property loss
- net amount on which family trust distribution tax has been paid
- super lump sum taxed elements with a zero tax rate
- assessable first home super saver released amount.
One-off events
Even though you may not normally have an income in excess of the Division 293 threshold, certain events can increase your income to this level for a particular year.
For this reason Division 293 might apply to you for only one year where:
- you receive an eligible termination payment
- you make a capital gain
- your income increases for another reason.
How to pay
You can pay Division 293 tax liabilities either:
- with your own money – see How to pay
- by releasing money from super – see Making an election to release money from super.