You can make the following contributions:
- Concessional contributions – From 1 July 2021 the annual limit for a concessional contribution is $27,500 in each financial year. You can carry forward any unused amount of your concessional contribution cap, provided your total super balance is less than $500,000 as at 30 June in the previous year. Any unused contributions cap will expire at the end of 5 years.
- Non-concessional contributions – From 1 July 2021 the annual limit for non-concessional (post-tax) contributions is $110,000. This amount is reduced based on your total super balance as at 30 June in the previous financial year and is reduced to nil if your total super balance is equal to or greater than the general transfer balance cap of $1.7 million. If you’re below the age of 65, and subject to your total super balance as at the 30 June in the previous financial year, you can bring forward the equivalent of one or two years of your annual cap from future years. This means you can make contributions up to two or three times the annual cap amount over the bring-forward period. Refer to www.ato.gov.au for more information on the bring-forward arrangements.