As we are on the run to the end of financial year 30 June 2021 (FY21) one of the most common questions we get asked are - How much can I contribute to super?

Here is our quick summary of the most common FY21 super contribution caps:

1. Concessional i.e., tax-deductible super contributions cap (CCC) $25,000: this is the annual cap and depending on your personal situation you may be eligible for the brought forward rule. Remember if it is a personal CCC deduction, you will need to provide your superannuation fund with a notice of your intention to claim a tax deduction, called an S290-170 notice - click here for the form and instructions.
2. Non-concessional i.e., non-tax-deductible super contributions cap (NCC) $100,000: this is the annual cap and once again, depending on your personal situation you may be eligible for the brought forward rule.
3. Government co-contribution $1,000: if you make an NCC of $1,000 and meet certain criteria, you will be eligible for the government super co-contribution (SGC) for 50% of the NCC made up to $1,000.  In other words, the maximum NCC you may be eligible to receive in FY21 is $500 - read the full details here.

Remember, this is a complex area, so do talk to us first before acting.

Disclaimer: This information is general in nature, and you should examine your situation carefully as the legislation or further information becomes available. So, before acting on this or any other information, it is important to seek professional advice related directly to you and your circumstances.  Should you require our assistance, contact your Primarius Team leader, or email us at info@primarius.net.au