- Published on 03 Feb 2017
- - Self Managed Superannuation
The federal government limits the amount an individual can contribute to their Superannuation. Taxation changes are also occurring.
What are the types of contribution I can make to Superannuation?
|
Contribution Type |
Financial year |
Tax rate |
Details |
|
Concessional Contributions |
16/17 |
15% or 30% depending on level of taxable income |
|
|
17/18 and onwards |
15% or 30% depending on level of taxable income |
Taxed at 15% for those earning less than $250,000. 30% tax is payable for those earning over $250,000 # |
|
|
Maximum Deductible Contribution limits |
16/17 |
- |
Maximum Deductible Contribution of $30,000 #
Maximum Deductible Contribution of $35,000 # |
|
17/18 and onwards |
- |
Maximum Deductible Contribution of $25,000 # |
|
|
After-Tax Contributions (Personal contributions also referred to as Non-Concessional Contributions) |
16/17 |
0 |
|
|
17/18 and onwards |
0 |
|
|
|
Co Contributions (These are designed to help boost low income earners personal superannuation contributions with a top up from the Government) |
16/17 |
0 |
|
|
17/18 and onwards |
0 |
No detail as yet on any proposed changes to this. |
|
|
Spouse Contribution |
16/17 |
|
|
|
17/18 and onwards |
|
|
# These notes are a summary only. You should seek professional financial advice in relation to any contribution matters prior to making a financial decision or commitment
* Bring forward rule allows an individual to make a one off larger Non-Concessional contribution to Superannuation by allowing a maximum of 3 years of Non-Concessional Contributions. If this rule is used then no further Non-Concessional Contributions can be made until 3 financial year have passed. There are other conditions that need to be met or considered in order to use this including the maximum cap on balances in Superannuation…