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Non-Concessional Contributions
Non-Concessional Contributions
A non-concessional payment to your super fund is generally one that you make after you have paid your taxes and comes from your savings. The important feature is that you are NOT making any tax deduction claim because of the super payment.
From 1 July 2017, the annual non-concessional payment limit or "cap", will be $100,000. This will be available also to individuals aged between 65 and 74 years old if they meet the work test.
"Total Superannuation Balance"
"Total Superannuation Balance"
From 1 July 2017, there is a limit on the size of your super fund. If your fund is $1.6 million from (30-June-2017), then your non-concessional cap is zero. In short, you can only make super payments if your fund is below the $1.6 million mark, and your payments are controlled so as not to place the fund into excess.
There are more details outlined in the ATO Guidance Note below.
The "bring-forward" arrangement is still available, which will allow folk to group together 3 years worth of contributions and add that single payment to their fund. This may be helpful after the sale of a property or other asset.
However there are conditions!! Only if you below 65 years of age and meet other requirements that are outlined in the ATO Guidance Note --->
Non-Concessional Contributions.pdfTotal Super Balance.pdfThe contribution cap for this coming year (2017-2018) is reduced down to $100,000 and is dependent on your total super balance being under the $1.6 M fund amount.
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