What is the non-concessional super contribution cap for 2024-25 in Australia?

Non-concessional contributions (NCCs) are super contributions made from your after-tax income — money on which you have already paid income tax. They do not attract a deduction but grow inside super at the concessional 15% tax rate on earnings (or 0% in retirement phase).

2024-25 caps:

• Annual cap: A$120,000 per financial year
• Bring-forward rule: If you are aged under 75, you can bring forward up to two additional years of contributions and contribute up to A$360,000 in a single financial year. The bring-forward automatically triggers when you exceed the annual A$120,000 cap in one year.

Total super balance (TSB) limit: Your ability to make NCCs depends on your total super balance as at 30 June of the previous financial year. If your TSB is A$1.9 million or more, you cannot make any non-concessional contributions. If it is between A$1.78 million and A$1.9 million, your bring-forward cap is reduced. If your TSB is below A$1.66 million, the full A$360,000 bring-forward is available.

Excess NCCs: If you exceed the cap, the ATO will issue an excess NCC determination. You can choose to withdraw the excess amount (plus 85% of associated earnings) from super — in which case the earnings are taxed at your marginal rate. Leaving excess NCCs in super incurs a 49% tax on the excess, making it almost always better to withdraw.

Age limit: From 1 January 2023, the work test no longer applies to NCCs for individuals aged 67 to 74. People under 75 can make NCCs without meeting any employment conditions.