There are caps on the amount you can contribute to your super each financial year to be taxed at lower rates. If you contribute over these caps, you may have to pay extra tax.The cap amount and how much extra tax you have to pay may depend on your age, which financial year your contributions relate to, and whether the contributions are:
- concessional (before tax)
- non-concessional (after tax)
To find out how much you contributed into your super fund to ensure you don’t go over the caps, contact your super fund.