The non-concessional contribution cap is set at four times the current concessional contribution cap. People under 65 years old may be able to 'bring forward' up to three years of non-concessional contributions, thereby enabling them to make a contribution of up to $450,000 in a single year based on the current caps. For example, the concessional cap for anyone aged under 49 was $30,000 for the 2016-17 financial year, while the cap was $35,000 for anyone over 49. All standard criteria will also need to be met where relevant, such as the superannuation work test and having a balance below the transfer balance cap. If you have more than one account, all of your non-concessional contributions made to all of your accounts are added together and counted towards this cap. Exceeding the non-concessional contribution cap From 1 July 2013, legislation introduced fairer treatment of excess non-concessional contributions. If you elect not to, it will also count towards your non-concessional contribution cap. However, non-concessional contributions cannot be made if a member’s The CGT Cap amount, a lifetime limit for CGT contributions exempted from the non-concessional contributions cap, has been indexed to $1,415,000 for 2016/17. If you are under age 65 you are able to access the bring-forward rule which allows you to bring forward three years of non-concessional contributions i.e. You can elect to withdraw the excess from your fund but, if you elect not to, it will also count towards your non-concessional contribution cap. The ‘bring forward’ rule allows eligible members to bring-forward up to an additional ‘two years’ of personal (post-tax) contributions, allowing them to contribute a greater amount (of up to $300,000 in 2020-21) without exceeding their non-concessional cap. In the non-concessional/personal super/after-tax contribution, you can make a claim on these contributions and essentially turn them into concessional super, which subject to the $25,000/year cap. In this case how much non Note that these rules have changed several times in recent years so this treatment will not The non-concessional contribution cap is $100,000 and has been since 1 July 2017. For example if the members non-concessional cap was $ 180,000 they could contribute up to $ 540,000 in a three-financial year period without exceeding the contribution cap. Note that these rules have changed several times in recent years so this treatment will not necessarily be applicable for concessional contributions you have made in … You can elect to withdraw the excess from your fund. those turning 66 and 67 years old could also trigger the non-concessional contribution ‘bring forward’ arrangements. However, if a member is turning 75 during a financial year they can make a non-concessional contribution to their super fund on or before the day In terms of the amount of money that could be contributed, the existing concessional contribution cap and non-concessional contribution cap will continue to apply. non-concessional contribution cap for FY2020/21 is $100,000. Non-Concessional Contribution Cap 2017/2018 Bring Forward Rule The Non-Concessional Contribution Cap Bring Forward Rule allows you to bring forward two years’ worth of the contribution cap – allowing you to contribute up to 3 times the annual cap amount at any stage over a 3-financial year period, while … Non-concessional contributions – the basics Non-concessional contributions (NCCs) refer to money you put into your super fund using after-tax dollars and don’t claim a tax deduction on. This allows a total of $200,000 to be made at any time during a fixed two-year period. After-tax contribution cap: $100,000 per year (or $300,000 over three years if certain conditions are met). This cap is set as four times the general concessional contribution cap and will remain at $100,000 for 2020-21. What happens if … No bring-forward period, general after-tax (non-concessional) contributions cap applies $1.6 million and over Nil N/A 1 Assumes you haven’t triggered the bring-forward rule for the relevant period. Note 1: The non-concessional cap for an income year is a multiple of the concessional contributions cap. The individual has an unused concessional contribution cap available from any or all of prior 5 financial years (occurring from 2018/2019 FY onwards) Making Downsizer Contributions over the age of 65 If you’re over 65 years of age and have owned your house for at least 10 years, either you or your spouse can claim a full or part main residence exemption when you sell your house. Non-concessional contributions made through a recontribution strategy will count towards the Non-Concessional contribution cap. For the 2020/21 financial year, the cap is $100,000. Non-concessional contribution cap This matter is relatively straightforward, but from 1 July 2019 the non-concessional contributions cap remains at $100,000, or more accurately, the concessional contributions cap remains at $25,000 and the non-concessional cap remains at four times the concessional cap. Excess non-concessional contributions can now be released following receipt of an ATO release authority. The non-concessional cap for each year is a multiple of the concessional cap. If the person has a total super balance of between $1.4 and $1.5 million, they can bring forward one year of non-concessional contribution. 2 How contributions are taxed Within the cap 0 However, individuals who have accumulated at least $1,600,000 in total super assets at the end of the previous financial year may have a non-concessional contributions cap of nil. From 1 July 2017, your non-concessional cap is nil – for a financial year – if you have a total superannuation balance greater than or equal to the general transfer balance cap ($1.6 million) at the end of the previous financial year. See three-year bring-forward rule for super contributions . non-concessional contribution cap for FY2020/21 is $100,000. 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