Non-concessional superannuation contributions
- Non-concessional contributions are contributions made to your superfund that you do not claim a tax deduction for.
- The government will introduce a $500,000 lifetime non-concessional contributions cap.
- The lifetime cap will take into account all non-concessional contributions made on or after 1 July 2007.
- If an individual has exceeded the cap prior to commencement date (being 7.30 pm (AEST) on 3 May 2016 (i.e., Budget night), they will be taken to have used up their lifetime cap but will not be required to take the excess out of their superannuation fund.