For the 2016 financial year, commencing 1 July 2015, the concessional contribution cap (limit per member) is $30,000.
For individuals aged 49 years or older at 30 June 2015, the concessional contribution cap is $35,000. This is a temporary increase and will cease when the general cap is indexed to $35k.
Concessional contributions include employer contributions (including those under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by individuals (eg self-employed).
Non-concessional contributions are personal contributions for which the member dies not claim a tax deduction. For the 2016 year (commencing 1 July 2015) the non-concessional contribution cap is $180,000. Members aged 64 or less on 1 July 2015 may utilise the bring forward option by making non-concessional contribution of up to three times this limit over a three year period.
Mary is 61 years old as at 1 July 2015. She makes a contribution of $540k on 16 July 2015. Due to the bring forward rules, she is not able to make any further non-concessional contributions until the 2019 financial year.
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PO Box 105 Bentleigh VIC 3204
If you would like to have an initial consultation about your SMSF requirements, please get in touch.