The government imposes different caps on contributions depending on your age and contribution type. Additional tax applies if you exceed the contributions cap.
Pre-tax (concessional) contributions
Concessional contributions are made into your super fund before tax and include:
- Contributions made by your employer, such as Super Guarantee (SG)
- Salary sacrifice payments you choose to make from your before-tax income
- Personal concessional contributions – for example, contributions you make from your after tax money and then claim a deduction for in your tax return.
Concessional contributions are generally only taxed at 15%, which means you could lower your taxable income.
From 1 July 2024, you can make up to $30,000 in concessional contributions. You may also be able to contribute more than this if you have not fully utilised your concessional cap in any of the previous five financial years. For more details, please see 'Unused concessional cap carry forward' on the ATO website.
After-tax (non-concessional) contributions
Non-concessional contributions are made into your super fund from after-tax income. These contributions are not taxed in your super fund and generally include:
- Contributions from your take home pay or savings when no tax deduction has been claimed
- Certain contributions made by your spouse on your behalf.
These contributions are capped at $120,000 from 1 July 2024.
If you’re under age 75 any time during a year, you may be able to apply the 'bring-forward' rule. This may allow you to make up to three years' worth of non-concessional contributions at any point during a three-year period. However, this will depend on your total superannuation balance at the end of the previous financial year. For more information on the non-concessional caps, please see the ATO page Non-concessional contributions and caps
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Things you should know
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.