Besides being a great way to save for retirement, superannuation offers lots of little-known benefits for super fund members. Depending on the type of fund you belong to, and your employment status, there is a swag of benefits you may be receiving without even knowing it. SuperGuide has gathered together a list of ... Read more
Making superannuation contributions
A Super Guide
Superannuation contributions (including personal contributions and employer contributions) are a cash amount, or in some cases an asset, that is contributed to a complying superannuation fund, on behalf of an individual under the age of 75. Super contributions and investment earnings on those contributions are the key to accumulating a substantial retirement nest egg.
You can make two types of superannuation contributions to your super fund. You, or your employer, can make concessional (before-tax) contributions to your super fund. You, or your spouse, or the federal government, can make non-concessional (after-tax) contributions to your super fund.
You have two caps – a concessional contributions cap ($25,000 for the 2017/2018 year, and for the 2018/2019 year), and a non-concessional contributions cap ($100,000 for the 2017/2018 year, or for the 2018/2019 year).
Note: If you are aged 65 years or over, you must satisfy a work test before making super contributions (see SuperGuide article For over-65s: Ten tips when making super contributions).
Important: The Total Superannuation Balance is a new restriction on super contributions. For the 2017/2018 and 2018/2019 year, if you have more than $1.6 million or more in super, you cannot make non-concessional (after-tax) contributions, receive spouse contributions, or receive the government co-contribution (see SuperGuide article Total Superannuation Balance: 7 reasons why your TSB matters).
In this section, discover how much your employer must pay into your superannuation fund, how much you can contribute, the tax-free bonus the federal government gives you, contributions strategies and everything you need to know about making personal superannuation contributions. Find out how you can make concessional (before-tax) contributions, non-concessional (after-tax) contributions, receive co-contributions and more.
Click on the links directly below to access the following topics about making superannuation contributions:
- Superannuation contributions strategies
- 2017/2018 Contributions Guides
- Super contributions caps
- Superannuation Guarantee (SG)
- Salary sacrifice and super
- Tax-deductible super contributions
- Spouse contributions
- Total superannuation balance
- Contributions tax
- Excess contributions
As a starting point you may want to consider reading the following SuperGuide articles:
Set out below are all SuperGuide articles referring to Making superannuation contributions.
No tax in retirement because you SAPTO
This article is updated annually with new rates, or updated periodically to highlight changes (if any) to the Seniors & Pensioners Tax Offset (SAPTO) rules. This article includes SAPTO rates for the 2018/2019 year, and the 2017/2018 year (and earlier financial years). Before 1 July 2012, the SAPTO was called the ... Read more
Latest superannuation rules: 2018/2019 guide
Substantial changes to the superannuation rules took effect from 1 July 2017, and further super changes took effect from 1 July 2018. Have you investigated how the super changes will affect your superannuation and retirement plans for the 2018/2019 year, and for future financial years? At the same time, many of ... Read more
Concessional contributions: Catch-up rules now apply (10 Q&As)
In this article, you can find the answers to 10 important questions about the new catch-up concessional contributions rules that have applied since 1 July 2018. (For information on the recent cut to the annual concessional contributions cap since July 2017, see SuperGuide article Cut to concessional contributions caps: ... Read more
No rest for SMSF trustees: 10 jobs for life from July 2018
Although the past few years have kept SMSF trustees busy with numerous legislative changes and a major shake-up of the super system since 1 July 2017, the upcoming financial year does not look like it will bring much of a respite. In fact, from 1 July 2018 most SMSFs trustees are going to face a range of new ... Read more
The short story on super contributions limits (2018/2019 year)
You can make two types of superannuation contributions – concessional (before-tax) contributions and non-concessional (after-tax) contributions – and each type of contribution has a separate limit known as a contributions cap (see text and tables below). Short story on concessional contributions Short story on ... Read more
Super concessional (before-tax) contributions: 2018/2019 survival guide
Note: This article explains the rules applicable to concessional contributions for the 2018/2019 year (and for the 2017/2018 year, and later in the article, also explains the rules applicable for the 2016/2017 year, and earlier financial years). Superannuation contributions can be divided into two types — ... Read more
Bring-forward rule: A definitive super guide
Note: The information in this article relates to the 2018/2019 financial year and the 2017/2018 financial year (and also refers to the rules applicable for the 2016/2017 financial year). For the 2018/2019 year, the annual non-concessional contributions cap remains at $100,000, and in turn, the bring-forward cap ... Read more
Cut to concessional contributions caps: the back story
A single annual concessional (before-tax) contributions cap of $25,000 applies to all ages for the 2018/2019 year when making superannuation contributions, which was the same cap that applied for 2017/2018 financial year. Before July 2017, much higher concessional caps applied. A concessional contribution is a ... Read more
Your 2018/2019 guide to non-concessional (after-tax) contributions
Note: This article explains the rules applicable to non-concessional contributions for the 2018/2019 year (and for the 2017/2018 year, and later in the article explains the rules applicable for the 2016/2017 year and earlier years). See also SuperGuide articles New normal: $100,000 non-concessional contributions cap ... Read more
Cashing in on the co-contribution rules (2018/2019 year)
Note: This article explains the co-contribution rules for the 2018/2019 year (for the 2017/2018 year, and later in the article, also for the 2016/2017, 2015/2016, 2014/2015, 2013/2014, 2012/2013 and 2011/2012 years). The federal government is giving away money to anyone who makes a non-concessional (after-tax) ... Read more
New normal: $100,000 non-concessional contributions cap
The annual non-concessional contributions cap is $100,000 for the 2018/2019 year, and $100,000 for the 2017/2018 year. Likewise, the maximum bring-forward cap is $300,000 for the 2018/2019 year, and for the 2017/2018 year. Continue reading this article to find out more about the non-concessional contributions rules. ... Read more
