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Non-concessional contributions Non-concessional contributions
Non-concessional is a special term associated with after-tax super contributions. Concessional is a term used to describe favourable tax treatment. For example, earnings in superannuation funds receive concessional tax treatment. The term ‘concessional contributions’ means that such contributions receive special tax treatment. Non-concessional contributions are after-tax contributions including spouse contributions and contributions made under the Super Co-contribution Scheme.
The following articles refer to Non-concessional contributions and superannuation.

By Trish Power on February 27, 2010
Q: I am 53 years old. I do not contribute to super and I have never been a saver. I have just paid off my unit. My question is: I earn only $37,000 a year, so I have never had a highly paid job. Is it too late for me [...]
Categories: Boost your super, Retirement planning, Super basics | Related superannuation topics: Age Pension, Age Pension age, Calculators, Co-contributions, FIDO, Non-concessional contributions, Q&A, Retirement, SATO, Tax-free super, Westpac-ASFA retirement standard

By Trish Power on February 24, 2010
Q: Under the 2-year bring-forward of non-concessional contributions, if a person makes a contribution of $150,001 when age 64, he can continue to contribute the balance of the $450,000 anytime during the next 2 years without having to satisfying the work test, is that right?
The short answer is no, even [...]
Categories: Boost your super, Retirement planning | Related superannuation topics: Bring-forward rules, Contributions caps, Excess contributions tax, Non-concessional contributions, Over 65, Q&A, Work test

By Trish Power on February 24, 2010
This article is a must-read if you make contributions to a super fund, in addition to your employer’s compulsory Superannuation Guarantee contributions.
Hundreds of thousands of Australians who are making a serious effort to save for retirement are expected to receive a financial shock after the financial year ends in [...]
Categories: Boost your super, Super & tax, Super basics | Related superannuation topics: ATO, Concessional contributions, Contributions caps, Excess contributions tax, Excess contributions tax assessments, Non-concessional contributions, Salary sacrifice, Special circumstances, Superannuation guarantee (SG)

By Trish Power on February 23, 2010
Q: I am 41 years old and my partner is 56 years old. We have a very big mortgage as we are both the casualties of wealth destroying divorces and single parenthood! Thus we intend to pay off our mortgage before putting more into our superannuation which will therefore be after [...]
Categories: Boost your super, Retirement planning, Super basics | Related superannuation topics: Concessional contributions, Contributions caps, Non-concessional contributions, Q&A, Spouse contributions, Super contributions, Super for Beginners, Super splitting, Tax offset

By Trish Power on December 21, 2009
Here’s a tip that can potentially save you thousands of dollars. Check that your super fund has your tax file number (TFN).
If you joined a super fund before July 2007, or started your current job before July 2007, then your fund may not have your TFN. Effective from 1 July [...]
Categories: Boost your super, Super & tax, Super basics | Related superannuation topics: Co-contributions, Concessional contributions, Non-concessional contributions, Tax file number
By Trish Power on December 17, 2009
The Federal Government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $62,000 a year.
Changes to the co-contribution rules, effective from July 2009, mean that anyone considering taking advantage of the co-contribution scheme for the 2009/2010 year needs to dot their ‘i’s and [...]
Categories: Boost your super, Super basics | Related superannuation topics: Co-contribution income threshold, Co-contributions, Non-concessional contributions, Salary sacrifice, Super contributions, Tax file number, Tax-free super

By Trish Power on November 22, 2009
Q: If you turn 65 and retire after 1 July 2009, can you still make the $450,000 bring-forward non-concessional contribution as long as it’s before June 30th 2010? Or do you have to satisfy the work test to do so?
Trish’s response: For the benefit of other readers, I’ll first explain [...]
Categories: Boost your super, Retirement planning, Super & tax | Related superannuation topics: After-tax contributions, Age 65, Bring-forward rules, Excess contributions tax, Non-concessional contributions, Q&A, Work test

By Trish Power on November 20, 2009
Q: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age?
Trish’s response: For the benefit of other readers, I will first explain the meaning of a non-concessional [...]
Categories: Boost your super, Super basics | Related superannuation topics: Age 65, Concessional contributions, Non-concessional contributions, Q&A, Super contributions, Work test

By Trish Power on October 29, 2009
Q: I checked my statement and I put an extra $10 per week into my super and each time an amount is put in, it has been taxed. Is this right? I thought that my contributions were tax-free?
Categories: Super basics | Related superannuation topics: After-tax contributions, Before-tax contributions, Concessional contributions, Non-concessional contributions, PAYG, Q&A, Salary sacrifice, Super for Beginners, Superannuation guarantee (SG)

By Trish Power on October 13, 2009
Q: My wife will turn 60 later on this month and it has always been my intention to cash out her portion of our small self managed super fund (SMSF) and re-contribute it straight back in so as to ensure that when she and I pass away, our children are not [...]
Categories: Boost your super, Retirement planning | Related superannuation topics: Accumulation phase, Anti-detriment payment, Bring-forward rules, Condition of release, Contributions tax, Death benefit, Death tax, Dependants, Non-concessional contributions, Non-dependants, Q&A, Re-contribution strategy, Self-managed super funds (SMSFs), Tax-free component, Taxable component

By Trish Power on September 10, 2009
Q: I am one of those people (and my wife) who made the decision years ago to invest in property rather than super. Now at 60, (wife 55) I am retired and live off my property investments. I have 14 tenants in 2 separate complexes and a separate house all in [...]
Categories: Boost your super, Super & tax | Related superannuation topics: Capital gains tax (CGT), Concessional contributions, Non-concessional contributions, Property, Q&A, Self-managed super funds (SMSFs), Word test contributions caps

By Trish Power on July 14, 2009
If it were not for tax, superannuation wouldn’t exist. You would simply invest in your own name. Superannuation is taxed at lower rates to encourage people to lock their money away for retirement.
Here’s the short story on the tax incentives surrounding superannuation. You receive tax incentives on superannuation at four [...]
Categories: Super & tax | Related superannuation topics: Co-contributions, Concessional contributions, Contributions tax, Non-concessional contributions, Pensions, Super contributions, Tax-free super
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