Concession Contribution Caps
Concessional caps include employer contributions including contributions made under a salary sacrifice arrangement and personal contributions claimed as a tax deduction by a self-employed person.
For the Income Year 2017/18 the cap for all ages is $25,000.
In 2016/17 for those 49 and over on the 30th June 2016 the cap is $35,000, under 49 it is $30,000.
This was also the case for the 2015/16 year based on the members age at 30th June 2015 and in the 2014/15 year based on the members age at 30th June 2014.
In the 2013/14 year for those 59 and over on the 30th June 2016 the cap is $35,000, under 59 it is $25,000.
In the 2012/13 year the cap was $25,000 for all ages.
Unused concessional cap carry forward
From 1 July 2018 if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make additional concessional contributions for any unused amounts.
The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, and after this period will expire.
Unused concessional cap carry forward
| 2017–18 | 2018–19 | 2019–20 | 2020–21 | 2021–22 | |
| General contributions cap | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
| Total unused available cap accrued | N/A | $0 | $22,000 | $44,000 | $69,000 |
| Maximum cap available | $25,000 | $25,000 | $47,000 | $25,000 | $94,000 |
| Superannuation balance 30 June prior year | N/A | $480,000 | $490,000 | $505,000 | $490,000 |
| Concessional contributions | Nil | $3,000 | $3,000 | Nil | Nil |
| Unused concessional cap amount accrued in the relevant financial year | $0 | $22,000 | $22,000 | $25,000 | $25,000 |
Note: This table assumes no indexing of general cap.
General concessional contributions cap
From 1 July 2017 the general concessional contributions cap is $25,000 and is indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $2,500 (rounded down). From the 2017–18 financial year, the general concessional contributions cap is not calculated based on age.
Higher concessional contributions cap for the 2013–14 and later financial years
The concessional contributions cap was temporarily increased to $35,000 for the:
> 2013–14 financial year if you were aged 59 years or over on 30 June 2013
> From the 2014–15 to the 2016–17 financial year if you were aged 49 years or over on the last day of the previous financial year.
Higher concessional contributions cap for the 2012–13 year
For the 2012–13 financial year, the higher concessional contributions cap was equal to the general concessional contributions cap of $25,000.
Higher concessional contributions cap for the 2011–12 and earlier financial years
An increased concessional contributions cap applied until 30 June 2012 for people aged 50 years or over:
> if you were aged 50 years or over, your annual cap for the 2007–08 and 2008–09 financial years was $100,000.
> if you were aged 50 years or over, your annual cap for the 2009–10, 2010–11 and 2011–12 financial years was $50,000.
