Know your limits
There is a limit to the amount of contributions you can make without incurring additional tax. If your contributions are above the limit, you may have to pay extra tax.
| Type of contribution |
What are they? |
What's the cap?
(2011/12) |
Additional tax payable on contributions over the cap |
| Concessional (before-tax) contributions |
Concessional contributions include the 9% super guarantee contributions you receive from your employer, your salary sacrifice contributions and any additional before-tax employer contributions received as a result of your employment.
If you've made personal contributions to your super that you want to claim a tax deduction for, these contributions will also count towards your concessional contribution cap. |
For members under age 50: $25,000 for the 2011/12 financial year
For members over age 50: $50,000 for the 2011/12 financial year
|
31.5%*
Any amount you contribute over the concessional contribution cap will also count toward the non-concessional contribution cap.
|
| Non-concessional (after-tax) contributions |
Non-concessional contributions are sometimes known as ‘after-tax’ contributions and include personal contributions where a tax deduction is not claimed, and spouse contributions. |
$150,000 per year
If you are under 65 years old you can ‘bring forward’ two years worth of contributions, giving you a cap of $450,000 for the three years, rather than a $150,000 cap in each year of the three years.
Any amount over the non-concessional cap will be taxed at 46.5%.
|
46.5% |
* This is in addition to the 15% contributions tax applied when the contribution is made (i.e. making a total tax rate of 46.5%).
View your latest contributions. To track your contributions and see the updated total that's been contributed to your CareSuper account for the current financial year,log on to MemberOnline.
Don’t forget! If you've made contributions to other super funds during the financial year, those contributions will also count towards your contributions cap. The limit is applied per person and not per super fund account.
Need help?
There can be a lot to consider when contributing to your super, so we encourage you to obtain professional financial advice. A professional financial planner will take your personal circumstances into account and will help you understand your options.
CareSuper members can receive super-related advice† and information over the phone, free of charge. To speak to a financial planner about your contributions strategy and find out how to grow your retirement savings in a tax-effective way, call the CareSuperLine on 1300 360 149 to be put in touch with your local Financial Planner.
† We offer this service through our relationship with Industry Fund Financial Planning, a division of Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514. Advice is provided under the authority of the IFS's AFS licence.
