Division 293 tax. These contributions come from after-tax income, so they are non-concessional contributions. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. Choose the right investment options for you. bring-forward arrangement for non-concessional contributions; total super balance. If you have exceeded your concessional contributions caps. Complete sections A, B and C of your Voluntary release authority and statement for excess contributions tax form and send it to the super fund you nominate in section B. Use our employer contributions. • contributions by parents, other family or friends (not in the capacity of an employer) • government co-contributions. This is the maximum you can contribute in any one financial year. From 1 July 2022, two new SG changes applied. go over the concessional contributions cap. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. For 2021–22, the annual non-concessional contributions cap is $ $110,000 if your total superannuation balance on 30 June 2021 was less than $1. Super contributions. This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. Module 4: Calculating super guarantee. The first home super saver scheme (FHSSS) was introduced in the 2017-2018 Federal Budget to improve housing affordability for first home buyers. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. $17,353 if no employee contributions are made. An assessment by the ATO of an excess non-concessional contribution will provide you with two options. Request your employee’s stapled super fund details if they do not make a choice. Module 4: Calculating super guarantee. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. Up to a full tax offset of $540 (actual amount is calculated as 18% of the lesser of $3,000 and your total contributions for your spouse) Between $37,000 and the cut-off threshold of $40,000. Step 3. If a member is eligible, they can claim an income tax deduction for super contributions they make for their own benefit. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. This includes: $27. Your total superannuation balance at 30 June 2021 was less than $1,600,000. You must report extra super contributions you make for your employees to the ATO. Super contributions – too much can mean extra tax. Note: A nomination to offset late payments is binding and cannot be changed. Request your employee’s stapled super fund details if they do not make a choice. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. If possible, try to resolve your complaint by discussing it with your employer before reporting them. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. AustralianSuper doesn’t accept liability for any loss or damage caused by use of the QuickSuper service and doesn’t receive any commissions from Westpac if employers use this service. Module 3: Setting up super for your employees. However, super contributions you make for an associate of an employee are subject to FBT. the sum of your spouse contributions in the income year. 4 min read. Terms and. Estimating your super. Unused cap amounts can be carried forward for up to five years before they expire. For most people, super begins when you start. Work out how much super to pay with the Australian Taxation Office's (ATO) super guarantee contributions calculator. Before claiming a deduction for personal super contributions, you should consider the impacts on your super. Nil if your Total Super Balance is greater than the transfer balance cap ($1. What you can do and see in ATO online; Viewing your super accounts; Your account balances; YourSuper comparison tool; Things to consider before transferring; Transferring your super; What you can do and see in ATO online. Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. Government super contributions include both super co-contributions and low income super tax offset. 5% for each $1 over $45,000 (in addition to $5092 in tax). Worksheet 2; Row. How it works. 5% rate for payments of salary and wages made prior to 1 July. If the ATO advises the employee does not have a stapled super fund, you can make the payment to yourWhat you need to do: Select your default super fund. But these contributions are still taxed within your super fund, but at a rate of 15%, which is lower than most people’s marginal tax rate, the ATO says. Super contributions to defined benefit and. Your personal contributions must reach your super fund by 30 June for you to receive a government co-contribution for that financial year. If you do claim it as a tax deduction, the contribution will be recorded as a concessional contribution. Select Save and continue when you have completed the Income tests section. Request to adjust concessional contributions. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. This means you pay the 15% super tax on your contribution. If you're over 65, you can make a one-off post-tax contribution of up to $300,000 into your super using the money received from selling your home. From 1 July 2021 the general concessional contributions cap is $27,500 as a result of indexation in line with average weekly ordinary time earnings (AWOTE). To claim a deduction, you must first give your super fund or RSA provider a valid notice of intent and receive an acknowledgment form from your fund or RSA provider. the amount of ATO-held super is $200 or more. Instead of paying $4125 tax on a $27,500 super contribution, reducing the contribution to $23,375, a potentially extra $4125 in tax will reduce this to $19,250. Module 5: Paying super contributions. Division 293 tax may reduce the tax concession on super contributions for individuals. Information you need. Note: Payments may take up to 7 business days to be transferred through the ATO and super fund before they reach the employee's super fund account. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Module 2: Working out if you must pay super. Deductions. The government will pay 15% of the before-tax contributions made into your super account back into your super, up to a maximum of $500 per financial year. Lodge your tax return so we can check if you are eligible for a super co-contribution payment up to $500. b. Why and how to pay yourself super. 3. Contributing more than the caps to your super may mean having to pay extra tax. 31 March 2024. The Government will also set public targets for the ATO on. Make sure your super fund has your tax file number (TFN). If your employee's details are incorrect, their super fund may:. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. The TFN is required at the time you make the super guarantee contribution. Learn about your super guarantee employer obligations by completing our online course. The 5 steps you must take as an employer to set up your business so you can pay your employees' super. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. This is called a downsizer contribution to super. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible. on the investment earnings in the fund, which in the. *. This form notifies us that you made concessional contributions in one financial year (year 1) but your self-managed superannuation fund (SMSF) did not allocate them to you until the next financial year (year 2). Start the course now. Where possible, we will notify you if we do this. From 1 July 2021, the non-concessional contributions cap is $110,000. 2. Super contributions that come back to bite you (and how to avoid it) Personal top ups can trigger excess contribution edicts from the ATO, leading to a chain of unwanted consequences. small business retirement exemption. NGS Super Opportunities and limits for super contributions 2. the maximum co-contribution entitlement was set at $500. Division 293 tax may reduce the tax concession on super contributions for individuals. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. SuperStream. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. super calculated on salary and wages (including any overtime) any choice liability, based on the shortfall and capped at $500. 1 min read. au or call us on 1300 360 149. When a super due date falls on a weekend or public holiday, your contribution must be received by the fund on or before the next business day. Superannuation contribution on behalf of your spouse tax offset. You. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. (provided the ATO is a linked service), as well as your. Super for self-employed people. From 1 November 2021, you may need to request ‘stapled super fund’ details from the Australian Taxation Office (ATO) where an employee doesn’t choose a super fund; pay super contributions for eligible employees four times a year, by the quarterly due dates, or more frequently if. It is generally taxed at a lower rate than your regular income. If your total income is between $43,445 and $58,445 in the 2023/24 financial year, your maximum entitlement will reduce progressively as your. Contributing more than the caps to your super may mean having to pay extra tax. 5% in 2022–23). 6 million on 30 June of the year before. If you choose to have the contributions offset. You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. Check if you need to report your super. The 4 small business CGT concessions include the: small business 15-year exemption. You can now: view your super fund accounts and balances, and amounts held by us; find lost and ATO-held super and. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. Your total superannuation balance at 30 June 2021 was less than $1,600,000. If you are entitled to super, but believe your employer has not been paying enough, you can: use our Estimate my super tool to calculate how much super your employer should have paid. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. The small business CGT concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business. This lets us know the amount you’d like to claim. e. Step 1: Complete the Notice of intent to claim a tax deduction for personal super contributions form. Many Aussie employers are required by law to make superannuation guarantee (SG) contributions for eligible employees every financial quarter. If your total income is between $43,445 and $58,445 in the 2023/24 financial year, your maximum entitlement will reduce progressively as your. There are other eligibility. It's a tax-free contribution even if only one of you is listed as an owner. It includes information sourced from: the income tax returns of individuals, companies, super funds, partnerships and trusts. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. myTax instructions 2023. If you've confirmed your super hasn't been paid correctly and completed all of the checks in the above steps, you can report your employer using our online tool. Please note, your total super balance includes super held outside of AustralianSuper. How to complete this form. Income. Contributions you can make as a retiree (by age) 1. The super co-contribution does not need to be claimed. As at 1 July 2021, your annual non-concessional cap is $110,000. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. au You should consider your debt levels before adding to your super. Choose the right investment options for you. which employees are eligible for super contributions? YES/NO. Contributing more than the caps to your super may mean having to pay extra tax. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. The Superannuation (Government Co-Contribution For Low Income Earners) Act 2003 Section 11 provides that if a calculated amount is less than $20, the amount of the co-contribution is to be increased to $20. Hybrid funds are super funds that provide a combination of accumulation benefits and defined benefits. Find out more. you exceed the concessional or non-concessional contribution caps. Contributions caps. See full list on ato. Low income super tax offset. Contributions for spouses or children. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. It will help you work out the SG sub-totals of each individual superannuation fund and the total of all contributions payable. the maximum co-contribution entitlement was set at $500. Super investment options. Hi @Ellen, To use your unused cap amounts you need to meet two conditions, your total super balance at the end of 30 June of the previous financial year is less than $500,000 and you made concessional contributions in the financial year that exceeded your general concessional contributions cap. Last modified: 02 Aug 2023 QC 73085. Even if you outsource some parts of making super contributions, you're still responsible for ensuring your employees' super contributions are paid correctly. Opinion. Your employer must pay SG contributions into your super account at least every three months. Tax offset for super contributions on behalf of your spouse. Super investment options. Taxable component of $300,000 = 75%. From 1 July 2021, the concessional contributions cap is $27,500. OTE to work out the minimum super guarantee contribution for your employees. Personal super contributions made on or after 1 July 2017. To report unpaid super contributions by your employer, you will need to provide your personal details (including your Tax File Number), the period you are checking and your employer’s details,. you exceed the concessional or non-concessional contribution caps. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. You can't claim a deduction until you've received acknowledgement back from your fund. For most people, 15% is lower than the marginal tax rate you pay on income. Non-employer contributions. au. Note: A nomination to offset late payments is binding and cannot be changed. You don’t need to offer a choice of super fund to some employees, but you may still need to request. DinahUse the Super guarantee opt out for high income earners with multiple employers form (NAT 75067) to apply for a SG employer shortfall exemption certificate. Check when to use this workbook and why we need the information, and how to get it in a portable document format (PDF). You will be asked questions about the nature of the work arrangement. Always confirm the details of any super contributions with your accountant or tax agent. To effectively administer the super system, it's important that tax file numbers (TFNs) are provided when contributions are made to a super fund or RSA. online. the sum of your spouse contributions in the income year. Overview. Offer employees a choice of super fund and keep records that show you've done this. Module 7: Reducing the risk. Module 1: Overview of superannuation. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. Last modified: 02 Aug 2023 QC 73085. Last modified: 02 Aug 2023 QC 73085. How To Claim The Superannuation Co-contribution. Super paid after a person's death is called a 'super death benefit'. You can choose to make personal super contributions to save for your retirement. contribution rules they can add up to $300,000 each to their super accounts. The non-concessional contributions cap is the maximum amount of after-tax contributions you can contribute to your super each year without contributions being subject to extra tax. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. Information you need before using the tool. gov. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. The general concessional contribution cap is $27,500 per person. The SG rate increased to 11% on 1 July 2023. offer eligible employees choice of super fund. Check if you have to pay super for your employees, including contractors and workers under 18. From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000. Your total income Your contribution Co-contributions $43,445 or less $1,000 $500 $45,445 $800 $400 $49,445 $600 $300 $51,445 $400 $200 $55,445 $200 $100 $58,445 or more $0 $0 – not eligible The figures in the above table are approximate only. au Additional tax and super considerations There are other circumstances that can affect how much you can contribute and the amount of tax you pay on your super, including spouse contributions offsets and downsizer contribution measures. Adam wishes to make a super contribution of $3,000 to Carmel's complying super fund, on her behalf. By registering with these funds, you agree to. Super co-contribution. If your spouse died during 2021–22 and you did not have another spouse on or before 30 June 2022. the matching rate was set at 50%. To help your members claim or vary a tax deduction for personal super contributions, you should: accept notices – ensure the notice is valid, in the approved form and given to you by the relevant deadline. The tax paid on your super contributions generally depends on whether: the contributions are out of your before-tax or post-tax income. Your employer must pay SG contributions into your super account at least every three months. Understanding the difference between concessional and non-concessional contributions and how they work is key to making the most of your super. your total superannuation balance at 30 June 2021 was less than $1,600,000. You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. At Prepare return, select 'Add/Edit' at the Income tests banner. Provide employees' TFNs to their funds. Set up your systems to pay super contributions electronically to the right fund. You did not exceed your non-concessional contribution cap. Super contributions to defined benefit and constitutionally protected funds. Division 293 tax. This is the maximum you can contribute in any one financial year. A member who. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). The super fund pays the $47,000 to the ATO in compliance. If they wanted to add more to Jenny’s super, they could split the contributions by adding $300,000 to Jenny’s super and $100,000 to Tom’s super. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. Previous ATO figures shared with ABC News show that last financial. gov. Payments from super. You can also make payments more frequently than quarterly, for example fortnightly or monthly. You did not exceed your non-concessional contribution cap. select Australian Taxation Office. Make sure your super fund has your tax file number (TFN). As of 17 April 2020, these calculators will use a single set of assumptions. See further details of official superannuation rates (including superannuation guarantee rates, thresholds and caps) from The Australian Taxation Office (ATO). If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. The Government will provide $40. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. Taxable component of $300,000 = 75%. It is possible for your reportable super contributions in any one year to consist of both personal concessional contributions and reportable employer super contributions. Employer contributions. a1. super fund details before making a super contribution. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. The quarterly MSCB does not apply to other mandated contributions, such as super contributions you are paid under an industrial award or enterprise agreement. For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. 6 million on 30 June of the year before. Super may be taxed at 3 points in its life cycle: on contributions. Key takeaways: Concessional contributions are contributions made into your super before-tax. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. Opinion. The Government will provide $40. 7 million. If you’re a low-income or middle-income earner, you may be eligible for super contributions from the Australian Government. This may occur, for example, if the account has since been closed or a defined benefit account won't accept your contributions. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Estimating your super co-contribution The minimum co-contribution payment is $20 and the maximum is $500. au or call us on 1300 360 149. It still applies if you want to claim a personal super contribution deduction. Module 3: Setting up super for your employees. If not: contributions are taxed an additional 34%. for personal super contributions visit the Australian Taxation Office (ATO) website at ato. If you took all the above steps and want to request a reduction in the resulting SGC liability, phone us on 13 10 20. Super contributions that come back to bite you (and how to avoid it) Personal top ups can trigger excess contribution edicts from the ATO, leading to a chain of unwanted consequences. Before-tax super contributions cap. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility. This cap is indexed annually and is $1,650,000 for 2022–23. For more information, see: Non-concessional contributions cap. You can check your employer is paying your super by: using ATO online services through myGov or the ATO app to see contributions your employer has made to your super fund; contacting your employer to ask how much they've paid and to which fund. You may be able to choose the super fund your SG contributions are paid into. Step 2: Collect employee information. Contributing more than the caps to your super may mean having to pay extra tax. Invalid and invalid carer tax offset. The ATO issues Vinnie with an excess non-concessional contribution tax assessment for $47,000 ($47% of $100,000). Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. The concessional contributions cap was temporarily increased to $35,000: for the 2013–14 financial year if you were 59 years or over on 30 June 2013. This means it will count towards the annual concessional contribution cap of $27,500. myTax instructions 2023. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. Your employee super information is linked to your super contributions by a unique payment reference number (PRN). Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. Check which earnings qualify for. Contributions you make to your spouse's super are treated as their non-concessional contributions, whether or. Super contributions to defined benefit and constitutionally protected funds. The ATO sends an excess non-concessional contributions tax release authority to Vinnie's super fund instructing them to release $47,000 from his super. Module 2: Working out if you have to pay super. A: As someone with close to $2 million in super, the maximum annual amount of concessional contributions you and an employer can make on your behalf without any penalties applying is $27,500. Reportable superannuation contributions are extra money that you or your employer have paid into your super in addition to the mandatory super payments. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). OTE to work out the minimum super guarantee contribution for your employees. Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. Use this workbook to help you complete question A3 in your tax return 2023. Claiming deductions for personal super contributions. Sam will sacrifice. Contributing more than the caps to your super may mean having to pay extra tax. your total super balance, which is relevant to how some key superannuation rules apply to you. As an example, say your salary is $36,000. whether you take the benefit as an income stream or a lump sum. Do not send the form to us. Some super funds require employers to contribute monthly. Employee age – for employees who are. Maximum after-tax. Calculation. This lets us know the amount you’d like to claim. On this page. What is the maximum super contribution? The maximum super contribution you can make to your super depends on what type of contribution you're making. you're a high-income earner. You were under 71 years old on 30 June 2022. Once we receive your form, we’ll write to you to confirm the amount you. Summary. 28 January. $4,145 if employee contributions of $7,000 are made. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you. An employer does not have to pay super guarantee for the part of earnings above this limit. OTE is the amount you pay employees for their ordinary hours of work, including things like commissions and shift loadings. The ATO website is getting a refresh soon. AustralianSuper Your super obligations; ATO - Maximum super contribution base; QuickSuper is a financial service provided by Westpac. the taxable value of the car fringe benefit will be $7,000 (which is the cost of the car multiplied by the statutory rate, in this case $35,000 × 0. Income thresholds. Request to adjust concessional contributions. For employees who commenced from 1 November 2021, you can only make contributions to your default fund if the ATO advises there is no stapled super fund. Step 4: Report unpaid super. You will need to wait until your employer marks your income statement as 'Tax ready' before you prepare and lodge your tax return. Maximum spouse contributions eligible for the tax offset. The fundamentals behind the ‘carry forward’ unused cap rules are outlined below. See claiming deductions for personal super contributions on the Australian Taxation Office (ATO) website for detailed information. Withdrawing and using your super When and how you can access your super and whether you need to pay tax on withdrawals. Overview. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. A member who intends to claim a deduction must notify you of this intent. An LPO can only be used for contributions paid before you receive an SGC assessment. It will also reduce the risk of businesses building up large super contribution liabilities at the end of each quarter. Catch-up concessional contribution can accrue from 2018/19. External Link. You should also contact your super fund to discuss: the contributions that were made; how a contribution cap was exceeded. OTE is the amount you pay employees for their ordinary hours of work, including things like commissions and shift loadings. An example of a reportable employer superannuation contribution is a contribution made on your behalf under a salary sacrifice arrangement. How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. If not: contributions are taxed an additional 34%. Contributions caps. There are rules for accepting contributions that all trustees need to know. Super contributions to defined benefit and constitutionally protected funds. your spouse. Salary sacrifice (pre-tax) contributions; Contributions to super that you then claim a tax deduction for via your income tax return. This is known as catch-up concessional contributions. Source: ato. Contributing more than the caps to your super may mean having to pay extra tax. au Concessional contributions These are before tax contributions, such as productivity, salary sacrifice contributions and membersalary-sacrificed super contributions are classified as employer super contributions that are taxed in the super fund (instead of being employee super contributions from after-tax income). gov. Downsize your home and put money into super If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. How to pay super, the amount to pay and due dates for payment. you did not exceed your non-concessional contribution cap. you will have to pay Division 293 tax, which applies when your combined income and concessional super contributions for Division 293 purposes is more than $250,000. the higher income threshold was set at $15,000 above the lower income threshold. You may be able to choose the super fund your SG contributions are paid into. accumulation phase are taxed at 15%. 20 =$7,000) and. Payments from super. To claim a deduction for your personal super contributions, you must give your super fund a notice in the approved form and get an acknowledgement from the fund. Her total super balance is under the $1. If your employee's details are incorrect, their super fund may:. If your super contributions exceed the limit you may be required to pay excess contributions tax of up to 47%. you exceed the concessional or non-concessional contribution caps. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). you may miss out on a super co-contribution, if eligible. Module 5: Paying super contributions. au. After-tax super contributions are a great way to invest the extra money from a pay rise, bonus or inheritance. For quarters beginning on or after 1 January 2020, a salary-sacrificed contribution cannot be offset against the SGC. For more information, see the Guide for employees and self-employed –. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary.