Tax Rates Superannuation Funds

Superannuation fund tax rates 2017-18

Concessional contributions include:

  • employer contributions (including contributions made under a salary sacrifice arrangement)
  • personal contributions claimed as a tax deduction.

If you have more than one fund, all concessional contributions made to all of your funds are added together and counted towards the concessional contributions cap.

Concessional contributions caps
Income year Date Your age at this date Your concessional contribution cap Treatment of excess concessional contributions
2017–18 All ages $25,000  

Included as taxable income, taxed at marginal tax rate plus an excess concessional contributions charge

2016–17 30 June 2016 <49 $30,000
49+ $35,000
2015–16 30 June 2015 <49 $30,000
49+ $35,000
2014–15 30 June 2014 <49 $30,000
49+ $35,000
2013–14 30 June 2013 <59 $25,000
59+ $35,000
2012–13 All ages $25,000 Taxed at 46.5%

(15% levied in super fund, additional 31.5% payable)

2011–12 30 June 2012 <50 $25,000
+50 $50,000
2010–11 30 June 2011 <50 $25,000
+50 $50,000
2009–10 30 June 2010 <50 $25,000
+50 $50,000
2008–09 30 June 2009 <50 $50,000
+50 $100,000
2007–08 30 June 2008 <50 $50,000
+50 $100,000

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 Not applicable $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 Not applicable $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.