Superannuation contribution caps for 2015/16 and 2016/17 financial years
Are you?
– A trustee and/or a member of a superannuation fund?
At a glance:
– Trustees and members of a superannuation fund need to be aware of the relevant superannuation contribution caps to avoid any adverse tax consequences.
You should:
– Be aware of changes to the annual superannuation contribution caps.
– Contact us if you require any clarification or advice.
There are limits imposed on how much a member can contribute to their superannuation fund/s. Any excess over the limits may attract unfavourable tax treatments.
Set out in the table below are the relevant contribution caps for the 2015/16 and 2016/17 financial years:
| Types of Contributions | 2015/16 Caps | 2016/17 Caps |
| Concessional contributions | $30,000 | $30,000 |
| Non-concessional contributions | $180,000 | $180,000 |
| CGT contributions | $1,395,000 | $1,415,000 |
To assist older taxpayers in building up their retirement funds, the concessional contribution cap for members aged 49 years or over for both financial years is $35,000.
When a member that is under 65 years of age and have exceeded the non-concessional contribution cap, the ‘bring-forward’ rule will be triggered allowing the member to contribute up to $540,000 over a three-year period.
The caps on concessional and non-concessional contributions are annual caps while that of the CGT small business contributions is a life-time cap.
For more information, click here.
Remember:
– Any excess over the contribution cap may result in adverse tax consequences.