The concessional contributions cap is the limit on the amount of concessional contributions you can make each year to your superannuation fund before you pay extra tax.

The general concessional (before tax) contributions cap for 2013-14 is $25,000.

However, from 1 July 2013 if you were 59 years old or over on the 30 June 2013, additional concessional contributions will be able to be made to your super, with the cap increasing from $25,000 to $35,000.

From 1 July 2014:

  • The higher cap of $35,000 will also apply to people who are 50 years or over
  • The general concessional contributions cap will rise to $30,000

Please contact Rubiix Business Accountants to discuss your options further.

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