Concessional Contributions Cap

A limit on the amount of concessional contributions that can go into super. For the 2014/15 financial year the limit is $30,000. If you are over 50 you have a higher cap of $35,000 for the same financial year. If you exceed your contributions cap you will enjoy a total penalty tax of 46.5% and it will be counted towards your non concessional cap limit.