What is the threshold for super contributions?

What is the threshold for super contributions?

From 1 July 2021, the general concessional contributions cap is $27,500 for all individuals regardless of age. For the 2017-18, 2018-19, 2019-20 and 2020-21 financial years, the general concessional contributions cap is $25,000 for all individuals regardless of age.

How is government co-contribution calculated?

The government co-contribution scheme is an incentive to encourage Australians to contribute to their super on a post-tax basis. If eligible, you could receive an additional contribution to your super from the government (50 cents for every $1 contributed, up to a maximum of $500 each financial year).

What happens if you contribute more than 25000 in super?

Once the concessional contributions are in your super fund, they are taxed at a rate of 15%. You may need to pay extra tax if you exceed the concessional contribution cap. However, you may pay tax on them if you exceed your non-concessional contribution cap.

How much is the government super co-contribution?

Super co-contributions help eligible people boost their retirement savings. If you’re a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500.

What is the government co-contribution scheme?

The co-contribution scheme means that, for every dollar you put into super from your after-tax pay, the government may match it with up to 50 cents for up to $500.

What are the income thresholds for co contributions?

Co-contribution income thresholds. Table 24: Co-contribution income thresholds. Year. Maximum entitlement. Lower income threshold. Higher income threshold. 2021–22. $500. $41,112.

What are the income thresholds for Super contributions?

Income thresholds If your total income is equal to or less than the lower threshold and you make personal contributions of $1,000 to your super account, you will receive the maximum co-contribution of $500. You will not receive any co-contribution if your income is equal to or greater than the higher threshold.

What’s the cap for non concessional contributions in Australia?

From 1 July 2021. From 1 July 2021, the non-concessional contributions cap will increase from $100,000 to $110,000. Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.

Is there a cap on bring forward contributions?

If you enter a bring forward arrangement in either the 2012–13 or 2013–14 financial year you will have a $450,000 cap over three years; however in the 2014–15 financial year, your bring forward cap is $540,000.