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Non-concessional Contributions LimitThe non-concessional contributions limit is $150,000 each person per year Contributions counted towards your limit
Contributions not counted towards your limit
You can make personal (non-concessional) contributions if you are:
If you are age 75 or over you cannot make personal contributions. Non-concessional contributions limit of $450,000 over 3 years If you are under age 65 you can 'bring forward' two years of non-concessional contributions and make a larger contribution, providing your non-concessional contributions do not exceed a three-year cap of $450,000 during that period. For example, if you contribute $450,000 in one year, you cannot make any non-concessional contributions for the following two years. You will not need to contact RBF to activate the $450,000 'bring forward' rule, simply making contributions in excess of the annual limit will trigger the 3 year limit. Although limits will be indexed, where the $450,000 'bring forward' has been activated, the 2 years future entitlements are not indexed. People aged 63 or 64 using the 3 year limit will not be subject to work test in either of the following 2 years.
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Concessional Contributions limitFrom 1 July 2009 the concessional contributions limit is $25,000 each person per year. Contributions tax of 15% is payable on all concessional contributions. Concessional Contributions included in the limit:
Members of RBF's defined benefit schemes should refer to the Contribution Limits fact sheet for more information about calculating the concessional contributions. These include members of RBF's:
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Are there any transitional arrangements?Special arrangements exist for members who will reach age 50 between now and 30 June 2012. Once you reach age 50 and are able to satisfy the age requirement, you will be able to make concessional contributions up to $50,000 during each remaining financial year up to and including 2011-12.
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More informationThe Contribution Limits fact sheet provides more information about the limits as well as Tax File Numbers and indexation. |
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