From 1 July 2021, the concessional contributions cap is $27,500. The increase is a result of indexation in line with average weekly ordinary time earnings (AWOTE). From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year is $25,000.

What is the concessional contributions cap for 2020?

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.

What if I exceed my concessional contributions cap?

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. ... They are also called 'after tax' contributions. These contributions are not taxed once received by your super fund.