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Do you know the new Superannuation rules for 2017?

 Contribution Type  2017/18 Reduced Cap 
Concessional  CAP  $25,000    (all ages) 
Non Concessional Cap 
Non Concessional 
3 year Bring Forward provision 
$300,000  (if triggered this year)$380,000 (if triggered in 2016/17)
$460,000 (if triggered in 2015/16)

* 3 Year Rule only applies to persons under age 65 (as of 1 July in the year of trigger). 

New Super Top Ups

For the first time all wage earners can now top up their super at any time during the year and claim a persona tax deduction.  Historically this privilege was reserved for only non-wage earners (e.g. sole traders, unemployed, retired etc.).   Wage earners were forced to pre plan and sacrifice salary consistently through the year to achieve the maximum Contribution CAP. 

The Process

Step 1 –  is to make a personal non-concessional contribution 

Step 2 –  is to complete an ATO form – Intention to Claim a tax Deduction

Step 3 – Your super fund should send you a letter of confirmation that your contribution has been changed to Concessional (this letter is necessary if you wish to claim the deduction in your tax return )

2017/18  TIPS 

  • Adjust Your Salary Sacrifice  – if you maximised your super contributions last year via salary Sacrifice you will need to adjust it down this year to ensure your total Concessional Contributions are under the reduced CAP of $25,000 (inclusive of Employer contributions). 

  • With the super top up now available – you can stay well under the maximum cap and do a personal top up  later in the year. 


  • Any excess concessional contributions are reclassified by the ATO as non-concessional contributions. 
  • Any breaches of non-concessional contribution caps are taxed at 49%.
  • IF you have previously maximised your 3 Year provision, then it is imperative you do not breach the $25,000 Concessional Cap this year – or you will pay 49% tax on the excess.
  • If you breached your concessional last year – it will be added to your non-concessional, which in turn could accidentally trigger the 3 year rule (if under age 65). 

You can call ATO on 131020 for personal update on your Concessional & Non-Concessional Contributions on prior years – however the 2017 information will not be up to date just yet. 

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