A Non-Concessional Contribution is after tax money that Members contribute to their SMSF. These contributions are not taxed in your Super Fund, as it has already been taxed in a personal capacity.
There are caps on the Non-Concessional Contributions you can contribute to your SMSF each financial year. If you go over the cap, you may have to pay penalty tax on the excess contribution. From 1 July 2021, the Non-Concessional Contribution cap is $110,000 per year for each Member. Individuals who hold a superannuation balance of more than $1.6 million cannot make any further Non-Concessional Contributions to the Fund as of 1 July 2017. If a Member starts an accounts-based pension on or after 1 July 2021, their transfer balance cap will be $1.7 million.
From 1 July 2017 to 30 June 2021, the non-concessional contributions cap is $100,000. From 1 July 2021, the ATO have changed the non-concessional contributions cap to $110,000. For a detailed table regarding the previous contribution caps, please see below.
From 1 July 2021, Members under 67 years of age will have the option of utilising the Bring Forward Rule to contribute up to $330,000 over a three-year period, depending on their total superannuation balance. Please see the Bring Forward Rule button below for further guidance.
For more information on other types of Contributions, please see our Contributions page.