This information should be included on your payslips. They exclude compulsory employer contributions, such. They need to be reported to the Australian Taxation Office (ATO). Effective salary sacrifice arrangement. $3,000. Salary sacrifice (pre-tax) contributions; Contributions to super that you then claim a tax deduction for via your income tax return. Calculation of contributions tax, including standard contributions tax and Division 293 tax for high income earners. Step 1: Complete the Notice of intent to claim a tax deduction for personal super contributions form. Contributing more than the caps to your super may mean having to pay extra tax. $27,500. Always confirm the details of any super contributions with your accountant or tax agent. The low-rate cap amount for the 2023–24 financial year is $235,000. Source:. a separate payment transfer. What is the right way to notify my super fund that I want to contribute a carry-forward contribution for amounts still available from the 2018-19 financial year? I called my super fund about this and they advised me to fill out a 'Notice of intent to claim a deduction for personal super contributions' form for both 2018-19 and 2019-20 with the amounts. the higher income threshold was set at $15,000 above the lower income threshold. You may be able to elect to receive a late payment offset (LPO). $17,353 if no employee contributions are made. e. Between 1 July 2020 and 30 June 2022, you could accept. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility. If your employee's details are incorrect, their super fund may:. This lets us know the amount you’d like to claim. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you have. au Additional tax and super considerations There are other circumstances that can affect how much you can contribute and the amount of tax you pay on your super, including spouse contributions offsets and downsizer contribution measures. Paying your employees the right amount of super. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. Request your employee’s stapled super fund details if they do not make a choice. For more information visit ato. the maximum co-contribution entitlement was set at $500. Step 2: Send the form to AustralianSuper via our contact us page or post. 28 April 2024. If you're 55 or over, you might be able to add up to $300,000 to your super tax-free when selling a property you've lived in. If your total income is between $43,445 and $58,445 in the 2023/24 financial year, your maximum entitlement will reduce progressively as your. General concessional contributions cap. 9 million in 2023-24. Older super fund members who want to make a large non-concessional contribution into their super account can now do so from 1 July 2022, after the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 became law. Provide employees' TFNs to their funds. Even if you outsource some parts of making super contributions, you're still responsible for ensuring your employees' super contributions are paid correctly. The clearing house distributes the payment to each employee's super fund according to your instructions. Superannuation guarantee (SG) contributions for your employees are due by 28 October. You can learn more about this on the ATO website. contribution rules they can add up to $300,000 each to their super accounts. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). If you have paid super guarantee late, you are: required to lodge an SGC statement; liable to pay the super guarantee charge (SGC). The SG rate increased to 11% on 1 July 2023. Deductions for personal super contributions. Once we receive your form, we’ll write to you to confirm the amount you. Find out more about the super rules for employers and how we make it easier for you to pay it. If you are eligible to. If you do not, it will be recorded. you're a high-income earner. The SG rate increased to 11% on 1 July 2023. Super is a great way to save money for your retirement. If they wanted to add more to Jenny’s super, they could split the contributions by adding $300,000 to Jenny’s super and $100,000 to Tom’s super. 5% for each $1 over $45,000 (in addition to $5092 in tax). Low income super tax offset. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. It will also reduce the risk of businesses building up large super contribution liabilities at the end of each quarter. Super contributions to defined benefit and constitutionally protected funds. Eligible small businesses can pay super for their employees through the Small Business Superannuation Clearing House. If your total income is equal to or less than $43,445 in the 2023/24 financial year and you make after-tax contributions of $1,000 to your super fund, you’ll receive the maximum co-contribution of $500. The ATO calculates if you are eligible for a co-contribution payment and pays the amount directly into your super account. An assessment by the ATO of an excess non-concessional contribution will provide you with two options. gov. Work through the 8 modules in the order listed below: Module 1: Overview of superannuation. SuperStream transmits money and information consistently across the super system – between employers, funds, service. The non-concessional contributions cap is the maximum amount of after-tax contributions you can contribute to your super each year without contributions being subject to extra tax. From 1 July 2021, the non-concessional contributions cap is $110,000. Super contributions to defined benefit and. 6 million on 30 June of the year before. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. Withdrawing and using your super When and how you can access your super and whether you need to pay tax on withdrawals. The super co-contribution calculator is a tool to help individuals, including the self-employed, estimate their co-contribution entitlement and eligibility, based on information provided about: income; personal super contributions. 18 years or older, you pay it regardless of how many hours they work. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. RESC are any extra super contributions you make to the super fund of one of your employees above the normal legislated requirements. Super contributions should either be made to: the employee’s chosen fund; you should make a stapled super fund request and make contributions to the fund that we advise. Payments from super. OTE is the amount you pay employees for their ordinary hours of work, including things like commissions and shift loadings. Enter Income (including any salary sacrifice amounts) 2. How much super to pay for contractors. Generally, you have to pay the super guarantee to employees who are: Under 18 and working more than 30 hours per week. gov. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). Information you need before using the tool. From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. Eligibility. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. Your 15% contributions tax on this amount is $567 (which is paid by your super fund to the ATO). See super. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. the higher income threshold was set at $15,000 above the lower income threshold. Extra contributions may include salary sacrificed amounts an employee has arranged to have deducted from their pre-tax income and paid into their super fund. If you choose to have the contributions offset. 7 million. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Adding to your super. super fund details before making a super contribution. Check if you're eligible to receive super contribution payments from the government. 4 min read. Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. Division 293 tax. Super paid after a person's death is called a 'super death benefit'. You must have provided your super fund with your tax. This effectively reduces your taxable income, meaning you pay less tax on your income. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. small business retirement exemption. Paying super contributions. concessional (before-tax) contributions cap, which limits the amount that can be contributed to your super fund that is taxed at the concessional rate of 15%. How to complete your tax return or refund of franking credits application using myTax. gov. It's important you lodge a return even if you don't think you will get a refund. your fund can't accept personal contributions. These contributions come from after-tax income, so they are non-concessional contributions. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. 7 million. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. There are rules for accepting contributions that all trustees need to know. In the 2022–23 financial year, Julie’s employer makes a super guarantee contribution of $3,360 into her super fund. Growing your super. Whether you’re paying super weekly, monthly, or quarterly, it’s important to check that you’ve applied the correct rate. salary and wages to work out the super guarantee charge. DinahUse the Super guarantee opt out for high income earners with multiple employers form (NAT 75067) to apply for a SG employer shortfall exemption certificate. the most recent 30 June balances reported by your super funds. How it works. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. If a $40,000 annual pension is then paid from the super, 60 per cent (or $24,000) will be taxable and added to any other income and taxed at the spouse’s personal tax rate. Work through the 8 modules in the order listed below: Module 1: Overview of superannuation. Your employer must pay SG contributions into your super account at least every three months. can only be made in respect of current employers. From 1 November 2021, you may need to request ‘stapled super fund’ details from the Australian Taxation Office (ATO) where an employee doesn’t choose a super fund; pay super contributions for eligible employees four times a year, by the quarterly due dates, or more frequently if. the tax-free and taxable components of the super. bring-forward arrangement for non-concessional contributions; total super balance. The notices contain details of super co-contribution or low income super tax offset (LISTO) payments to be recovered from. overtime for which the worker was paid overtime rates. For more information, see: Non-concessional contributions cap. Use this checklist to review the health of your super in 5 easy steps. Important: this calculator is to be used as a guide only. acknowledge notices. Adam wishes to make a super contribution of $3,000 to Carmel's complying super fund, on her behalf. Module 5: Paying super contributions. $4,145 if employee contributions of $7,000 are made. Use this workbook to help you complete question A3 in your tax return 2023. All tax calculations should be performed by a qualified tax accountant. offer eligible employees choice of super fund. How to use the SGC statement and calculator tool. What is the maximum super contribution? The maximum super contribution you can make to your super depends on what type of contribution you're making. the matching rate was set at 50%. This form notifies us that you made concessional contributions in one financial year (year 1) but your self-managed superannuation fund (SMSF) did not allocate them to you until the next financial year (year 2). gov. See the ATO for a list of payments that are ordinary time earnings. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution). Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. b. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you. To be eligible to make after-tax contributions, you must have less than $1. 1. Payment errors. You may have to pay more tax if you exceeded the non-concessional contributions cap. The amount of unused cap. External Link. lodged an SGC statement. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. haven’t given your TFN to your super fund. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. The 2021–22 concessional contributions cap is $27,500 unless you carry-forward unused concessional contributions amounts from previous financial years. From 1 July 2022, two new SG changes applied. Division 293 tax. How to use the SGC statement and calculator tool. The amount is generally a non-concessional contribution if you're an individual contributing a retirement exemption amount to a super fund or RSA. Income thresholds. With SuperStream money and data are sent electronically in a standard format. Work out the best way to grow your nest egg. You will need either your gross salary figure or your wage less any overtime earnings for the period you are trying to obtain a super estimate for. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. Deductions. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. the maximum co-contribution entitlement was set at $500. for personal super contributions visit the Australian Taxation Office (ATO) website at ato. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. The FHSS scheme allows you to save money for your first home in your super fund. For most people, super begins when you start. contribution rules they can add up to $300,000 each to their super accounts. You only need to do this if you missed paying the minimum super guarantee contribution. After-tax contributions are known as ‘non-concessional contributions’ because you don’t receive a tax deduction. Module 7: Reducing the risk. Super co-contribution If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also contributes to your super (called super co-contribution) up to a maximum amount of $500. Have you determined. To effectively administer the super system, it's important that tax file numbers (TFNs) are provided when contributions are made to a super fund or RSA. gov. Estimating your super. Use the super contributions calculator to work out the best way to boost your super. You can't claim a deduction until you've received acknowledgement back from your fund. Calculation. accumulation phase are taxed at 15%. You did not exceed your non-concessional contribution cap. Employer contributions. You may be able to choose the super fund your SG contributions are paid into. SG contributions should be paid to one of the following: Employee's chosen fund Employee's stapled super fund Other fund that meets your choice of fund obligations. Division 293 tax is an additional tax on super contributions, reducing the tax concession for individuals whose combined income and concessional contributions for Division 293 purposes is more than $250,000. as a primary locator to link contributions and rollovers with member accounts and to locate member accounts. you did not exceed your non-concessional contribution cap. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. A member who intends to claim a deduction must notify you of this intent. You were under 71 years old on 30 June 2022. If you took all the above steps and want to request a reduction in the resulting SGC liability, phone us on 13 10 20. Employee age – for employees who are. a deduction for personal super contributions form available at ngssuper. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. This change will help address the $5 billion a year scourge of unpaid super by making it easier for workers to keep track of payments and for the Australian Taxation Office (ATO) to monitor compliance. How To Claim The Superannuation Co-contribution. You can choose to make personal super contributions to save for your retirement. This means you pay the 15% super tax on your contribution. Division 293 tax. Super may be taxed at 3 points in its life cycle: on contributions. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. 18 years or older, you pay it regardless of how many hours they work. Set up your systems to pay super contributions electronically to the right fund. Medicare and private health insurance. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). Find out about. Claiming deductions for personal super contributions. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. If an employee doesn’t provide you with the correct details, or the fund can’t accept your contributions, you will need to request their stapled super fund details from the ATO. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. You can generally contribute up to $27,500 each financial year. 2. Employment termination. secure mail for tax practitioners. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). If possible, try to resolve your complaint by discussing it with your employer before reporting them. au Concessional contributions These are before tax contributions, such as productivity, salary sacrifice contributions and membersalary-sacrificed super contributions are classified as employer super contributions that are taxed in the super fund (instead of being employee super contributions from after-tax income). How to pay super, the amount to pay and due dates for payment. Government super contributions. With SuperStream money and data are sent electronically in a standard format. How much you can contribute. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. From 1 July 2020 to 30 June 2022, if you were aged 67 to 74 and your TSB was below $300,000 at the end of the previous year, you can make voluntary super contributions for 12 months from the end of the financial year in which you last met the work test. gov. Employers can report reportable super contributions online through Single Touch Payroll (STP) or through a payment summary annual report. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. You don’t need to offer a choice of super fund to some employees, but you may still need to request. If you are eligible to make non-concessional contributions and you contribute more than the annual general cap ($110,000 in 2023–24), you automatically gain access to your future. The tax rate depends on your income plus your before-tax super contributions. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. There is no limit to how much super employees can contribute each year. au or call us on 1300 360 149. How super is taxed. If you've confirmed your super hasn't been paid correctly and completed all of the checks in the above steps, you can report your employer using our online tool. Division 293 tax may reduce the tax concession on super contributions for individuals. Hybrid super funds. The ATO website is getting a refresh soon. As an example, say your salary is $36,000. Super contributions optimiser. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. Reportable super contributions are extra payments to your super that are more than those your employer must make. the amount of ATO-held super is $200 or more. Insurance premiums are contributions. Ben completes the Superannuation contributions splitting application form on the ATO website and lodges it with his fund in August 2023. As a guide, employers contribute at least 11% of an employee's earnings to super. When a super due date falls on a weekend or public holiday, your contribution must be received by the fund on or before the next business day. 28 April. They are taxed in the fund at a rate of 15%. annual returns for fringe benefits tax (FBT) and goods and services tax (GST)If someone earning $125,000 put 4% of their pre-tax wage into super this financial year, it would increase their total super contribution by 32%, while only dropping their take home pay by 3%. To manage super in your ATO online account follow these steps: Australian Taxation Office You can check your super balances, find lost super, compare super. The Government will also set public targets for the ATO on. On this page. which employees are eligible for super contributions? YES/NO. Your total superannuation balance at 30 June 2021 was less than $1,600,000. However, there are certain circumstances where you can contribute more than $27,500 in one year. Step 1: Add up the reportable employer superannuation contributions amounts shown at question IT2 – label T on your spouse’s tax return. any personal contributions you made that you’ve advised. Where possible, we will notify you if we do this. The concessional contributions cap includes employer contributions, as well as any salary sacrifice contributions you make. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. The actual amount of tax will depend on various factors such as your age, the. She made a personal contribution of $10,000 to her super. It still applies if you want to claim a personal super contribution deduction. Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. SuperStream. Check when to use this workbook and why we need the information, and how to get it in a portable document format (PDF). you exceed the concessional or non-concessional contribution caps. If Jenny and Tom’s house sold for $400,000, they could each contribute $200,000 to their super. Please note, your total super balance includes super held outside of AustralianSuper. Division 293 tax. DECEMBER 2022 Page 1 of 4 Claiming a tax deduction for personal super contributions CLAIM A TAX DEDUCTION 1 Complete the Notice of intent form on pages 3 and 4. This may occur, for example, if the account has since been closed or a defined benefit account won't accept your contributions. The first home super saver scheme (FHSSS) was introduced in the 2017-2018 Federal Budget to improve housing affordability for first home buyers. /individuals/super/in-detail/growing-your-super/claiming-deductions-for-personal-super-contributions You can use a salary sacrifice arrangement to have some of your salary or wages paid into your super fund instead of to you. An eligible, active super account is one that: is held by a living person. Module 4: Calculating super guarantee. the sum of your spouse contributions in the income year. This form is for superannuation funds and their members to make a capital gains tax (CGT) cap election (NAT 71161). This includes: $27. Tax return for super funds with total income in excess of $2 million in latest year lodged (excluding large and medium taxpayers). The information you provide is not stored and you will remain anonymous. Division 293 tax may reduce the tax concession on super contributions for individuals. Check if you have to pay super for your employees, including contractors and workers under 18. Personal super contributions made on or after 1 July 2017. Case studies. ) So the benefit of claiming a tax deduction on your super contributions depends on your normal tax rate, and how much your contribution would be reduced by super tax. Once the contribution is made, you will have the option of claiming it as a tax deduction. See the ATO website for more information about how much tax you'll pay on super contributions. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. If they wanted to add more to Jenny’s super, they could split the contributions by adding $300,000 to Jenny’s super and $100,000 to Tom’s super. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). It still applies if you want to claim a personal super contribution deduction. How much to contribute to super. It is possible for your reportable super contributions in any one year to consist of both personal concessional contributions and reportable employer super contributions. 5% rate for payments of salary and wages made prior to 1 July. Employee age – for employees who are. Before-tax super contributions cap. Your TSB is calculated by adding together all the amounts you have in the accumulation phase of super. contributions you make to a foreign super fund for super benefits for an employee where the employee is a temporary resident when the contribution is made payments you make to a retirement savings account held by an employee. /Individuals/Super/Growing-your-super/Adding-to-your-superReportable super contributions – the sum of. The general concessional contribution cap is $27,500 per person. Check which earnings qualify for. If you are unable to access our ATO online services, you can check with your fund or phone us. Our annual publication, Taxation statistics, provides a comprehensive statistical summary of information taxpayers report to us. go over the concessional contributions cap. Super contributions. your fund can't accept personal contributions. OTE to work out the minimum super guarantee contribution for your employees. From 1 October 2021, to rollover any super to or from your SMSF, you will need to use SuperStream. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. You should complete this form if you make a personal super contribution using the capital proceeds of the sale of certain small business assets, and you elect to exclude them from your non-concessional contributions cap. From the 2017–18 financial year, the. What you can do and see in ATO online; Viewing your super accounts; Your account balances; YourSuper comparison tool; Things to consider before transferring; Transferring your super; What you can do and see in ATO online. Your total income for 2021–22, was less than $56,112. Super guarantee contributions for quarter 3, 2023–24 (1 January – 31 March 2024) to be made to the fund. the contributions are out of your before-tax or post-tax income. Key takeaways: Concessional contributions are contributions made into your super before-tax. 20 =$7,000) and. Your personal contributions must reach your super fund by 30 June for you to receive a government co-contribution for that financial year. Once you lodge your tax return for the 2023-24 financial year, the ATO will pay any eligible co-contributions into your First Super account automatically. For quarters beginning on or after 1 January 2020, a salary-sacrificed contribution cannot be offset against the SGC. The fundamentals behind the ‘carry forward’ unused cap rules are outlined below. you have not made a request to transfer ATO-held super to your preferred super fund. See claiming deductions for personal super contributions on the Australian Taxation Office (ATO) website for detailed information. This is known as catch-up concessional contributions. (salary sacrifice, 'contribute and claim' and employer contributions) $27,500. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. These myTax 2021 instructions will help you if you made an eligible personal super contribution (not including amounts which you are claiming as a deduction). the amount of $5,000 being less than 85% of the $10,000 contributed by his employer, and. Payments from super. This lets us know the amount you’d like to claim. These contributions are also known as non-concessional contributions, voluntary contributions or personal super contributions. 2. He indicates that he’d like to split $5,000 of his employer contributions. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Reportable employer superannuation contributions are additional to the compulsory contributions your employer must make. To claim a deduction for your personal super contributions, you must give your super fund a notice in the approved form and get an acknowledgement from the fund. ato Go to. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. 3 min read. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. the maximum co-contribution entitlement was set at $500. The exception is downsizer contributions, which you could make if you were 65 years or older. Although RESC are not included in your employee’s assessable income. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. Super paid after a person's death is called a 'super death benefit'. au/forms Annual contributions limits apply – see page 4. Module 4: Calculating super guarantee. Funds must allocate contributions to a member’s account within three business days. The super fund pays the $47,000 to the ATO in compliance. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Last modified: 02 Aug 2023 QC 73085. SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them. . the higher income threshold was set at $15,000 above the lower income threshold. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. the contributions are out of your before-tax or post-tax income. From 1 July 2021 the general concessional contributions cap is $27,500 as a result of indexation in line with average weekly ordinary time earnings (AWOTE). Income. If the ATO advises the employee does not have a stapled super fund, you can make the payment to yourSuper is an investment in your future. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1.