Contributions included in the non-concessional contributions cap:
- Personal contributions for which no deduction notice is submitted and acknowledged,
- Contributions made on your behalf by your spouse (unless they are doing so as your employer)
- If you’re under 18, contributions made on your behalf by any other (non-employer) third party, such as a friend or relative
- Contributions in excess of your concessional contributions cap for the year.
It’s important to regularly monitor the contributions made to your super fund if you don’t want to inadvertently exceed a cap. Timing of your contributions is important. Contributions are counted towards the caps in the year in which they are received and credited by your super fund. This will usually be some time after a cheque is sent or handed to your super fund, or an online transfer is authorised.
Any amount over the non-concessional cap will be taxed at 47.0% (includes Medicare Levy). You are personally liable for this tax, and you must use the release authority we give you to get your super fund to release the amount of the tax from your super.