Knowing your contributions caps for both concessional and non-concessional is very important to ensure you don’t exceed them where possible or know the ramifications if you do. Refer to our table below regarding the current contributions caps as at July 2019.
|Financial Year||Concessional Contributions||Non-concessional contributions|
*You are only eligible to make non-concessional contributions if your total super balance is less than $1.6m at the end of the previous financial year
Bring Forward contributions from 2018 onwards
|Total Superannuation Balance**||Contribution and bring forward available|
|Less than $1.4m||Access to $300,000 cap (over 3 years)|
|Greater than or equal to $1.4m and less than $1.5m||Access to $200,000 cap (over 2 years)|
|Greater than or equal to $1.5m and less than $1.6m||Access to $100,000 cap (no bring forward period available)|
|Greater than or equal to $1.6m||No non-concessional cap available|
**Your total superannuation balance is determined on 30 June of the previous financial year
Even if you are fairly sure of you caps it is always a good idea to check with your trusted advisor. Contact us here if you would like to confirm the caps.
|This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.|