Non-concessional contributions to super are those made from after-tax income, which are not taxable to the super fund and are not tax deductible to you, and include any voluntary amounts you put into super, as well as spouse contributions.
It is also indexed from the year onwards, and is to be maintained at six-times the concessional cap now also indexed. To satisfy the work test, you must be gainfully employed for at least 40 hours during a consecutive day period each financial year in which the contributions are made. The work test requirement must be satisfied for the year when the contributions are made rather than when contributions are allocated to your super account.
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Despite being classified as Non-Concessional contributions, home downsizing contributions do not count towards the Non-Concessional contribution cap. You should also consider whether or not you are required to meet a superannuation contribution work test and meet the age requirements to be able to make Concessional contributions. Exceeding either the Concessional or Non-Concessional cap will result in the excess amount being treated as an Excess Contribution and taxed accordingly.
The ATO provides you with options as to how excess non-concessional contributions will be dealt with. Hopefully this has helped you compare the difference between Concessional and Non Concessional superannuation contributions.
Hi, I hope you enjoyed reading this article. If you want my team and I to help with your retirement planning, click here. Thanks for stopping by - Chris. More Posts. Concessional vs Non Concessional Contributions Jul 28, Comparing Concessional and Non Concessional contributions.
There are only two types of contributions that can be made into your superannuation account: — Concessional Contributions ; and — Non-Concessional Contributions. Sometimes these contributions are made by you into your own superannuation account. Sometimes others make the contributions into your account for the benefit of you.
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