Concessional (before-tax) contributions cap
Concessional contributions include compulsory super contributions made on your behalf by your employer, including salary sacrifice, as well as any personal contributions you make to super which you claim as a tax deduction.
There is a cap associated with concessional super contributions which is the maximum amount you can contribute to your super without being required to pay a higher tax rate.
Like the superannuation rate, the cap on concessional contributions has also increased from $27,500 to $30,000 for the financial year 2024-25.
Carry forward concessional contributions
If you’ve had time out of work raising kids or for other lifestyle reasons, or you haven’t had the money to boost your super until now, you could take advantage of carry forward concessional contributions (also known as catch-up contributions).
To be eligible for carry forward concessional contributions, your total super balance at 30 June of the last financial year must have been below $500,000.
If you’re eligible, your concessional contribution cap for the financial year is the annual cap plus any unused concessional contribution caps for the last five financial years. Carry forward concessional contributions can help you to make up for past years where you may not have utilised all your concessional contributions cap.
If you have increased income for the financial year, taking advantage of the carry forward concessional contributions can help you claim a larger tax deduction.
Non-concessional (after-tax) contributions cap
You may be able to add more into super by making personal, after-tax contributions with the cap having increased from $110,000 to $120,000 per year.
You can make additional contributions with your after-tax money—including those made from savings or your take-home pay.
To be eligible to make after-tax contributions you must be less than 75 years old and your total super balance last 30 June must be less than $1.9 million.
Non-concessional contributions bring forward rule
This rule relates to after-tax super contributions and may allow you to contribute more into super by bringing forward up to two years' worth of after-tax contributions in addition to the annual cap.
The total amount you have in super at the end 30 June of the last financial year will affect whether you are eligible to make any non-concessional contributions and if you have triggered the bring forward rule in the previous two financial years. Your total super balance also determines the maximum amount you can contribute.
For example, in 2024-25, if your total super balance is less than $1.66 million at 30 June 2024, and you did not use the bring-forward rule in the previous two financial years (FY 2022-23 and FY 2023-24), you may be able to contribute up to $360,000 in 2024-25, three times the annual cap, using the bring forward rule.
If your total super balance is between $1.66 million and less $1.78 million, you can contribute up to $240,000, and if your total super balance is 1.78 million but less than $1.9 million, the maximum you can contribute is $120,000.
The concessional and non-concessional contribution caps are summarised below:
