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Non-concessional contributions: 10 facts about the $100,000 cap

September 2, 2018 by Trish Power Leave a Comment

Contents

  • 1. What is a non-concessional (after-tax) contribution?
  • 2. What is the non-concessional (after-tax) contributions cap for the 2018/2019 year?
  • 3. Total Superannuation Balance is the new upper threshold
  • 4. If you have more than $1.4 million in super, you have fewer opportunities to make NCCs
    • When and how does the bring-forward rule apply (for 2018/2019 year)?
  • 5. Defined benefit schemes and constitutionally protected funds are subject to new NCC cap
  • 6. Small business CGT cap is in addition to NCC cap
  • 7. Expect a transitional NCC cap if triggered the bring-forward rule during the 2016/2017 year or 2015/2016 year
  • 8. Your ‘Total Superannuation Balance’ is important when considering NCCs
  • 9. No more co-contributions if you exceed your NCC cap, or have more than $1.6 million in super
  • 10. Your Total Superannuation Balance can include up to 3 different components

The annual $100,000 non-concessional (after-tax) contributions cap became law on 29 November 2016, and took effect from 1 July 2017 (from the start of the 2017/2018 year), and continues to apply for the 2018/2019 financial year.

We receive a lot of questions from readers seeking information about how the non-concessional (after-tax) rules work; in particular, how the $100,000 non-concessional contributions (NCC) cap applies, including the extra condition regarding the Total Superannuation Balance threshold that individuals now need to satisfy. The cut in the annual NCC cap since 1 July 2017 has also flowed on to how the bring-forward rule operate (we discuss this later).

The 10 facts about the new NCC rules listed below relate to the 2018/2019 financial year (and also apply for the 2017/2018 financial year). For more detailed information on the annual $100,000 non-concessional contributions cap, see SuperGuide articles New normal: $100,000 non-concessional contributions cap and Your 2018/2019 guide to non-concessional (after-tax) contributions.

Background: On 15 September 2016, Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly Dwyer, issued a joint media release announcing that the proposed $500,000 lifetime cap on non-concessional contributions was now scrapped as a policy and would be replaced with an annual $100,000 after-tax contributions cap, which took effect from 1 July 2017 (for more background on the reduced cap and what the federal government originally had planned see SuperGuide article New normal: $100,000 non-concessional contributions cap).

1. What is a non-concessional (after-tax) contribution?

According to the explanatory memorandum (Chapter 5) accompanying the legislation enacting the new annual non-concessional contributions (NCC) cap, NCCs are “generally, contributions made from an individual’s after-tax income (that is, from income that has been taxed at their marginal rate) and are therefore not included in the assessable income of the superannuation fund. Individuals may choose to make non-concessional contributions to their superannuation because future earnings on these contributions within the superannuation system will be taxed at the concessional rate of 15 per cent.

“In contrast, concessional contributions are made from pre-tax income, and generally included in the assessable income of the superannuation fund and taxed at the concessional rate of 15 per cent.” (For information about the new concessional (before-tax) contributions cap, see SuperGuide article Cut to concessional contributions caps: the back story.)

Note, that NCCs can be sourced from income that is not taxed as well. For more information on the types of super contributions that are treated as non-concessional contributions, see SuperGuide article Your 2018/2019 guide to non-concessional (after-tax) contributions.

Super alert! A spouse cannot make super contributions on behalf of his or her spouse, IF the spouse receiving the super contributions has a Total Superannuation Balance of $1.6 million or more at the end of the previous financial year. For the 2017/2018 financial year, TSB is measured as at 30 June 2017. The receiving spouse will also not be eligible for the spouse contributions, if the receiving spouse has exceeded their non-concessional (after-tax) contributions cap. For more information about your TSB, or your spouse’s TSB, see SuperGuide article Total Superannuation Balance: 7 reasons why your TSB matters). For more information about the spouse contributions tax offset, see SuperGuide article Spouse contributions tax offset: 10 facts you need to know.

2. What is the non-concessional (after-tax) contributions cap for the 2018/2019 year?

Since 1 July 2017, the annual non-concessional contributions (NCC) cap is $100,000 and the maximum bring-forward cap is $300,000. From 1 July 2018, the annual NCC cap and the bring-forward cap remained at $100,000 and $300,000 respectively. Before July 2017, the annual NCC was $180,000 and the bring-forward cap was $540,000.

The lower $100,000 NCC cap will be indexed over time. Effective since 1 July 2017, the annual non-concessional (after-tax) contributions cap will always be 4 times the concessional (before-tax) contributions cap. The $100,000 cap will be indexed in $10,000 increments, in line with the periodic indexation of the $25,000 concessional cap (which will be indexed in $2,500 increments: for information on the $25,000 concessional cap applicable since July 2017, see SuperGuide article Cut to concessional contributions caps: the back story).

Important: If you’re under the age of 65, you can bring forward two years’ worth of the annual non-concessional contributions cap. Once you contribute more than $100,000 in the 2018/2019 financial year, you automatically trigger the bring-forward rule for the following two years.

The bring-forward rule means that it is possible to make up to $300,000 (for the 2018/2019 year) in non-concessional contributions in a single financial year, or, say, for example, $200,000 in the first year and the balance of $100,000 over the following two years, or any financial combination that adds up to $300,000 over the 3-year period. For more information on the bring-forward rules, see SuperGuide article Bring-forward rule: A definitive super guide.

Note: If you triggered a bring-forward during the 2015/2016 year, or 2016/2017 year, which crosses over into the 2017/2018 year or into the 2018/2019 year, then be mindful of the transitional rules in place (for information about the transitional rules see Fact 7 below).

3. Total Superannuation Balance is the new upper threshold

Note that since 1 July 2017, the NCC rules also include a ‘Total Superannuation Balance’ limit. Individuals with a Total Superannuation Balance equal to, or more than, $1.6 million, will not be able to make NCCs. Further, you can only use the maximum bring forward of $300,000 if you have a Total Superannuation Balance of less than $1.4 million (see Fact 4 below and SuperGuide articles Super contributions: Bring-forward rule and your Total Superannuation Balance and Total Superannuation Balance: 7 reasons why your TSB matters).

4. If you have more than $1.4 million in super, you have fewer opportunities to make NCCs

Since 1 July 2017, if you have a Total Superannuation Balance of less than $1.4 million, you can make annual NCCs of up to $100,000 a year, and you can use a maximum bring forward of $300,000 over a 3-year period.

If your Total Superannuation Balance (TSB) is equal to, or more than $1.4 million, but less than $1.5 million, then you can only bring forward up to 1 year of NCCs, over a 2-year period (maximum bring-forward cap of $200,000). If your TSB is equal to, or more than $1.5 million but less than $1.6 million, then you cannot use the bring-forward rules, but you can take advantage of the $100,000 annual NCC cap.

If your TSB is $1.6 million or more, then you cannot make any NCCs, and obviously you then cannot take advantage of the bring-forward rules. See table below.

When and how does the bring-forward rule apply (for 2018/2019 year)?

Total superannuation balance on 30 June 2018 Non-concessional contributions cap for the first year Bring-forward period
Less than $1.4 million $300,000 3 years
$1.4 million to less than $1.5 million $200,000 2 years
$1.5 million to less than $1.6 million $100,000 No bring-forward period, general NCC cap applies
$1.6 million or more Nil n/a

Source: Adapted and updated from Explanatory Memorandum accompanying the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016.

5. Defined benefit schemes and constitutionally protected funds are subject to new NCC cap

Since 1 July 2017, non-concessional contributions to defined benefit schemes and constitutionally protected funds are also subject to the lower NCC cap.

6. Small business CGT cap is in addition to NCC cap

The additional CGT cap for eligible small business owners remains in place before and after July 2017. The CGT cap is $1.48 million for the 2018/2019 year (and is $1.455 million for the 2017/2018 year), and does not count towards the annual NCC cap.

Warning: Although the small business CGT cap is not subject to the annual NCC cap, we believe it will have an impact on an individual’s Total Superannuation Balance threshold, once that contribution is made. If you are considering taking advantage of the small business CGT cap, seek expert advice and verify your circumstances with the ATO.

7. Expect a transitional NCC cap if triggered the bring-forward rule during the 2016/2017 year or 2015/2016 year

Transitional arrangements apply for Australians who activated the bring-forward rule during the 2015/2016 or 2016/2017 years, and didn’t fully utilise the bring-forward cap in those financial years. On 1 July 2017, the remaining bring-forward amount was reassessed to reflect the new annual NCC cap. For information on how the bring-forward rules work, see SuperGuide article Bring-forward rule: A definitive super guide. For more information on the transitional bring-forward rules, see SuperGuide article Understanding the transitional bring-forward rule (for 2018/2019 and 2017/2018 years).

Important: Since 1 July 2017, an individual is also subject to the Total Superannuation Balance threshold. If an individual’s Total Superannuation Balance exceeds the $1.6 million threshold for the 2018/2019 year (or for the 2017/2018 year), his or her bring forward cap drops to nil, even if he or she would have been eligible for a transitional bring-forward cap (apart from the existence of the $1.6 million-plus Total Superannuation Balance). See Fact 8 below.

8. Your ‘Total Superannuation Balance’ is important when considering NCCs

Since 1 July 2017, anyone with a Total Superannuation Balance equal to, or more than, $1.6 million (applicable for the 2018/2019 and 2017/2018 years) will not be able to make non-concessional contributions. Further they cannot make non-concessional contributions that would mean they exceed the $1.6 million amount in super (except where they follow specific rules – see Fact 4 above). For more information, see SuperGuide article Super contributions: Bring-forward rule and your Total Superannuation Balance.

Note: The $1.6 million Total Superannuation Balance threshold for making non-concessional contributions is based on an individual’s balance as at 30 June of the previous financial year. For more information, see SuperGuide articles Total Superannuation Balance: 7 reasons why your TSB matters and Your 2018/2019 guide to non-concessional (after-tax) contributions.

9. No more co-contributions if you exceed your NCC cap, or have more than $1.6 million in super

Since 1 July 2017, an individual is NOT eligible for government co-contributions if his or her non-concessional contributions exceed his or her annual non-concessional cap. An individual is also NOT eligible for the government co-contribution if, at 30 June of the previous financial year, his or her Total Superannuation Balance equals or exceeds the general transfer balance cap amount (that is, equals or exceeds $1.6 million)(for more information on the current co-contribution rules, see SuperGuide article Gaining from the government: How you can score a co-contribution freebie).

For more information about your Total Superannuation Balance, see SuperGuide article Total Superannuation Balance: 7 reasons why your TSB matters.

10. Your Total Superannuation Balance can include up to 3 different components

According to the explanatory memorandum accompanying the new legislation, an individual’s total superannuation balance at a particular time includes the following three items:

  • The value of all superannuation interests in accumulation phase (that is, all super interests not in pension phase)
  • The balance of a person’s transfer balance account (generally commencement value of a superannuation pension), adjusted to reflect the current value of account-based pension interests in retirement phase (pension phase)
  • ‘In transit’ rolled over superannuation benefits (that are not yet reflected in the balances mentioned in the previous two bullets).

The sum of these amounts is then reduced by the sum of any structured settlement contributions (if applicable), which relate to compensation payments resulting from serious injury and income loss that are rolled over into super.

For more information on how your total superannuation balance is calculated, and the new NCC rules, see the following SuperGuide articles:

  • New normal: $100,000 non-concessional contributions cap
  • Total Superannuation Balance: 7 reasons why your TSB matters
  • Your 2018/2019 guide to non-concessional (after-tax) contributions
  • Bring-forward rule: A definitive super guide
  • Super contributions: Bring-forward rule and your Total Superannuation Balance
  • Understanding the transitional bring-forward rule (for 2018/2019 and 2017/2018 years)

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IMPORTANT: SuperGuide does not provide financial advice. All information on SuperGuide.com.au is intended only as a guide. It is important to seek professional accredited financial advice when considering whether the information is suitable to your personal circumstances. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

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      • Temporary Budget Repair Levy
      • Super rates and thresholds
      • Super tax rates for over-60s
      • Super tax rates for under-60s
      • Franked dividends (franking credits)
    • Contributions tax
      • Contributions tax: How it works
      • Division 293 tax
      • Low Income Superannuation Tax Offset
      • Excess contributions tax
    • Investment income tax (earnings tax)
      • How do the super tax rules work?
      • Capital gains tax and super
      • Franked dividends (franking credits)
      • Non-arm’s length income
      • Superannuation contributions tax
    • Retirement phase
      • How do the super tax rules work?
      • Superannuation payment options
      • Transfer balance cap
      • Exempt current pension income
      • Franked dividends (franking credits)
      • Non-arm’s length income
      • Superannuation benefit payments tax
      • SMSF pensions
      • Transition-to-retirement pensions
    • Superannuation benefit payments tax
      • Super tax tables: For under-60s
      • Super tax tables: For over-60s
      • Transfer balance cap
      • Superannuation death benefits
    • Superannuation death benefits
  • SMSFs
    • SMSFs: A Super Guide
    • SMSFs for beginners
      • How do SMSFs work?
      • Types of super funds
      • Is an SMSF right for you?
      • Enough super to justify costs?
      • Are you a typical SMSF trustee?
      • 10 SMSF commandments
      • Your SMSF C-A-R-T obligations
      • Setting up an SMSF
      • SMSF trustee declaration
    • SMSF costs
      • How much does an SMSF cost?
      • Enough super to justify SMSF costs?
      • SMSF ATO supervisory levy
      • SMSF audit fees
      • SMSF investment
      • Obtaining financial advice
      • SMSF penalties
    • SMSF administration and compliance
      • SMSF compliance for super beginners
      • Your SMSF C-A-R-T obligations
      • Doing it yourself or outsourcing
      • Finding the right administrator
      • Setting up an SMSF
      • SMSF record-keeping and reporting checklists
      • SMSFs and accountants
      • SMSF audits
      • SMSF administrative penalties
    • SMSF investment
      • Super investing for beginners
      • Drafting your SMSF investment strategy
      • SMSF asset allocation
      • Superannuation investment strategies
      • Types of super investments
      • Investment returns for 13 asset classes
      • SMSF investment rules
      • Franked dividends
      • SMSF borrowing
    • SMSF pensions
      • Retirement phase (formerly pension phase)
      • Types of super benefits
      • Starting an SMSF pension
      • Minimum super pension payments
      • Transition-to-retirement pensions
      • $1.6 million transfer balance cap
      • Actuarial certificates
    • SMSF borrowing
    • SMSF Q & As
  • Planning for retirement
    • Planning for retirement: A Super Guide
    • Retirement planning for beginners
      • How to plan for your retirement
      • When can you retire?
      • How long will you live?
      • How much super is enough?
      • 8 steps to super success
      • Superannuation investing for beginners
      • What is retirement phase?
      • Aspiring to a $1 million retirement
      • Retirement Calculators and Reckoners
    • What age can I retire?
    • Age-based Super Guide
    • How long will I live?
    • How much super do I need?
      • How much for a comfortable retirement?
      • Living on more than $60,000 a year
      • Living on more than $100,000 a year
      • Retirement Calculators and Reckoners
      • $1 million retirement (7% or 5% returns)
      • $1 million retirement (2% or 3% returns)
      • $1.6 million retirement
    • $1.6 million transfer balance cap
    • Types of super benefits
      • Taking a lump sum
      • Taking a super pension
      • SMSF pensions
      • Superannuation benefit payments tax
    • Will I get the Age Pension?
    • Obtaining financial advice
    • Retirement Calculators and Reckoners
      • How Much Super Is Enough Reckoner
      • Retirement Income Reckoner
      • Retirement Age Reckoner
      • Age Pension calculator
      • Annual Minimum Pension Payment Calculator
  • Accessing super
    • Accessing super: A Super Guide
    • 14 legal ways to withdraw your super
    • Definition of retirement
    • Reaching preservation age
    • Turning 65 and super
    • Types of super benefits
      • Taking a super lump sum
      • Taking a super pension
      • SMSF pensions
      • Superannuation benefit payments tax
    • Accessing super early
      • 14 legal ways to withdraw your super
      • Preservation age
      • Severe financial hardship
      • Compassionate grounds
      • Terminal illness
      • Permanent disability or permanent incapacity
      • Claiming insurance from super
      • Death
    • Divorce and super
    • Insurance and super
    • Leaving, living or working outside Australia
  • In retirement
    • In retirement: A Super Guide
    • Retirement Calculators and Reckoners
      • How Much Super Is Enough Reckoner
      • Retirement Income Reckoner
      • Retirement Age Reckoner
      • Age Pension calculator
      • Annual Minimum Pension Payment Calculator
    • Retirement phase (formerly called Pension phase)
      • Super tax rules
      • Types of super benefits
      • Transfer balance cap
      • Exempt current pension income
      • Franked dividends
      • Non-arm’s length income
      • Superannuation benefit payments tax
      • SMSF pensions
      • Transition-to-retirement pensions
    • Taking a super lump sum
    • Taking a super pension
      • Retirement phase
      • Types of super pensions
      • SMSF pensions
      • Transfer balance cap
      • Minimum super pension payments
      • Transition-to-retirement pensions
      • Defined benefit funds
      • Annuities
    • Working in retirement
      • Turning 65 and super
      • Over-65s work test
      • Transition-to-retirement pensions
      • Age-based Super Guide
      • Age pension age
    • Commonwealth Seniors Health Card
    • Age Pension rules
      • Latest Age Pension rates
      • How do the Age Pension rules work?
      • Age Pension age
      • 10 important facts about the Age Pension
      • How do I apply for the Age Pension?
      • Age Pension assets test
      • Age Pension income test
      • Age Pension deeming rules
    • Obtaining financial advice
    • Life expectancy and super
    • Superannuation death benefits
  • Saved articles

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