contribution caps
| Year of Income |
Concessional
Contribution Cap |
Non-Concessional
Contribution Cap |
Lifetime Cap
CGT Excluded |
| 2013-14 |
$25,000* |
$150,000 |
$1.315m |
| 2012-13 |
$25,000* |
$150,000 |
$1.255m |
| 2011-12 |
$25,000 |
$150,000 |
$1.205m |
| 2010-11 |
$25,000 |
$150,000 |
$1.155m |
| 2009-10 |
$25,000 |
$150,000 |
$1.100m |
| 2008-9 |
$50,000 |
$150,000 |
$1.045m |
| 2007-8 |
$50,000 |
$150,000 |
$1.000m |
* A pause in indexation applies until 2014-15. So it is likely to be the
2014-15 year before the cap will increase to $30,000. Indexation is in line with
AWOTE in $5000 (rounded down) steps. The indexation base is Dec 2008 for the
concessional contribution cap and Dec 2006 for the Lifetime cap. The age 50 and over non
concessional is 6 times the concessional.
Between 1 July 2007 and 30 June 2009 a transitional annual concessional contribution cap of $100,000 applied for people aged 50 or over. This was not indexed. Between 1 July 2009 and 30 June 2012 a transitional annual concessional contribution cap of $50,000 applied for people aged 50 and over. This was not indexed. The Government has announced that a $35,000 cap applies to those aged 60 and over from 1 July 2013 and those aged 50 and over from 1 July 2014.
Concessional contributions include employer contributions, salary sacrifice
contributions and personal contributions claimed as a tax deduction by
a self-employed person. A 'bring forward' option is available on non-concessional contributions for persons under age 65 i.e. up to $450,000 non-concessional contribution can be made over a three year period. Between 10 May 2006 and 30 June 2007 a $1m non-concessional contribution could be made.