annual returns for fringe benefits tax (FBT) and goods and services tax (GST)If someone earning $125,000 put 4% of their pre-tax wage into super this financial year, it would increase their total super contribution by 32%, while only dropping their take home pay by 3%. It still applies if you want to claim a personal super contribution deduction. Your employee benefits because the salary-sacrificed amount is: taxed in the super fund at the concessional rate of 15%, which is usually less than the PAYG tax rate. These are generally: any contributions your employer made for you, including any salary sacrifice contributions. 18 for each dollar the receiving spouse’s income is over the low-income threshold. This lets us know the amount you’d like to claim. Calculation. the maximum co-contribution entitlement was set at $500. They will be able to advise you if they. Your employer will pay your super contributions into either: your existing super fund, which is called a stapled super fund; their default super fund. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. Reportable employer super contributions (RESC). An assessment by the ATO of an excess non-concessional contribution will provide you with two options. Try the updated ato. Sam will sacrifice. The information you provide is not stored and you will remain anonymous. If you earn over $250,000, you may pay an extra 15% tax—so in total, you’ll pay 30% tax on some or all of the contributions. Module 3: Setting up super for your employees. Unused cap amounts can be carried forward for up to five years before they expire. Claiming deductions for personal super contributions. How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). Your employee super information is linked to your super contributions by a unique payment reference number (PRN). This includes the small business retirement exemption and the 15-year CGT exemption. Division 293 tax is an additional tax on super contributions, reducing the tax concession for individuals whose combined income and concessional contributions for Division 293 purposes is more than $250,000. Insurance premiums are contributions. On this page. Your TSB is calculated by adding together all the amounts you have in the accumulation. phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. Super co-contributions work by the ATO adding up to $500 to your super fund if you have made any non-concessional contributions, again, subject to you meeting certain eligibility criteria. the total of your contributions for your spouse for the year. This includes: $27. External Link. To be eligible to make catch-up CCs, one criteria is your total super balance must be below $500,000 at the prior 30 June. If your total income is equal to or less than $43,445 in the 2023/24 financial year and you make after-tax contributions of $1,000 to your super fund, you’ll receive the maximum co-contribution of $500. How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them. au or call us on 1300 360 149. If a member is eligible, they can claim an income tax deduction for super contributions they make for their own benefit. the higher income threshold was set at $15,000 above the lower income threshold. on the investment earnings in the fund, which in the. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. The exception is downsizer contributions, which you could make if you were 65 years or older. Contributions caps. Taxable component of $300,000 = 75%. Check when to use this workbook and why we need the information, and how to get it in a portable document format (PDF). 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. Claiming deductions for personal super contributions. If Jenny and Tom’s house sold for $400,000, they could each contribute $200,000 to their super. Only self-managed superannuation funds (SMSFs) can use the Self-managed superannuation fund annual return 2021. $4,145 if employee contributions of $7,000 are made. Your employer must pay SG contributions into your super account at least every three months. How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). Module 5: Paying super contributions. To manage super in your ATO online account follow these steps: Australian Taxation Office You can check your super balances, find lost super, compare super. Division 293 tax may reduce the tax concession on super contributions for individuals. Ordinary time earnings are what you earn for your ordinary hours of work. 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). Government super contributions. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. This is the labour component of the contract. If you have more than one super fund, all your. 4 min read. The super co-contribution calculator is a tool to help individuals, including the self-employed, estimate their co-contribution entitlement and eligibility, based on information provided about: income; personal super contributions. If you reach your preservation age and withdraw super before turning 60, you pay tax on the taxable components of your payments. Superannuation is money employers pay eligible workers to provide for their retirement. 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. bring-forward arrangement for non-concessional contributions; total super balance. Have you determined. 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. 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. Check your super has been paid. From 1 July 2017 to 30 June 2021 the general concessional contributions cap is $25,000. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Super co-contribution If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also contributes to your super (called super co-contribution) up to a maximum amount of $500. These myTax 2021 instructions will help you if you made an eligible personal super contribution (not including amounts which you are claiming as a deduction). From 1 July 2021, the concessional contributions cap is $27,500. The concessional contributions cap includes employer contributions, as well as any salary sacrifice contributions you make. Set up your systems to pay super contributions electronically to the right fund. gov. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. gov. gov. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. How it works. It includes information sourced from: the income tax returns of individuals, companies, super funds, partnerships and trusts. 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. 1 min read. You should complete this form if you make a personal super contribution using the capital proceeds of the sale of certain small business assets, and you elect to exclude them from your non-concessional contributions cap. 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. 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. 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. Superannuation contribution on behalf of your spouse tax offset. For 2023/24 the maximum superannuation contribution base is $62,270 per quarter. If you're 55 or over, you might be able to add up to $300,000 to your super tax-free when selling a property you've lived in. 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. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. Super for self-employed people. For more information, see: Non-concessional contributions cap. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. Contributions caps. Australia's superannuation system is the main way most people save for their retirement. OTE is the amount you pay employees for their ordinary hours of work, including things like commissions and shift loadings. Step 3. Step 2: If your spouse claimed a deduction for personal superannuation contributions at question D12 on their tax return (supplementary section), add the deduction amount to the result from step 1. Module 1: Overview of superannuation. If your super contributions exceed the limit you may be required to pay excess contributions tax of up to 47%. OTE to work out the minimum super guarantee contribution for your employees. The Government will provide $40. Income. Super guarantee contributions for quarter 3, 2023–24 (1 January – 31 March 2024) to be made to the fund. OTE to work out the minimum super guarantee contribution for your employees. Employer contributions. 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. tax that has been withheld. How super is taxed. 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. Request your employee’s stapled super fund details if they do not make a choice. Taxable component of $300,000 = 75%. Your personal contributions must reach your super fund by 30 June for you to receive a government co-contribution for that financial year. gov. How to complete this form. An employer does not have to pay super guarantee for the part of earnings above this limit. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. Find out about. Work out the best way to grow your nest egg. With SuperStream money and data are sent electronically in a standard format. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). Division 293 tax may reduce the tax concession on super contributions for individuals. Contributions you make to your spouse's super are treated as their non-concessional contributions, whether or. It is possible for your reportable super contributions in any one year to consist of both personal concessional contributions and reportable employer super contributions. You don’t need to offer a choice of super fund to some employees, but you may still need to request. He indicates that he’d like to split $5,000 of his employer contributions. the higher income threshold was set at $15,000 above the lower income threshold. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. Answer. 5% in 2022–23). Salary sacrifice (pre-tax) contributions; Contributions to super that you then claim a tax deduction for via your income tax return. Paying your employees the right amount of super. secure mail for tax practitioners. If you have a tax file number (TFN) you can make personal super contributions into a super fund of your choice and you may: be able to claim a tax deduction for your super contributions; be eligible for the low-income super tax offset; be eligible for the super co-contribution on contributions you don't claim a deduction forThe 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. a1. Important: this calculator is to be used as a guide only. External Link. How much you can contribute. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. There are 2 types: Reportable employer superannuation contributions; Reportable personal concessional contributions. Part of your obligations as an employer is to pay super guarantee (SG). 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. Payments from super. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. au/super TAX 1 Plus Medicare levy. DECEMBER 2022 Page 1 of 4 Claiming a tax deduction for personal super contributions CLAIM A TAX DEDUCTION 1 Complete the Notice of intent form on pages 3 and 4. 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. Some unfunded defined benefit funds require you to contribute a percentage of your salary to your super. The Government will provide $40. Module 2: Working out if you have to pay super. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. Your 15% contributions tax on this amount is $567 (which is paid by your super fund to the ATO). The TFN is required at the time you make the super guarantee contribution. It still applies if you want to claim a personal super contribution deduction. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. 5% in 2022–23). You should be eligible for a Government co-contribution as long as: your total income for the 2023-24 financial year is less than $58,445But once you have a ‘total super balance’ of $1,700,000 you cannot make any further aftertax (non-concessional) contributions. $17,353 if no employee contributions are made. 1. If employees do have the power to vary their employer contribution rate, the amounts over any compulsory contributions made will be reportable employer super contributions. 18 years or older, you pay it regardless of how many hours they work. $27,500. After-tax (non-concessional. Maximum after-tax. $4,145 if employee contributions of $7,000 are made. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. The tax offset is calculated as 18% of the lesser of: $3,000, reduced by $1 for every $1 that the sum of your spouse's assessable income, total reportable fringe benefits amounts and reportable employer superannuation contributions for the year was more than $37,000. 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. If you did not have a spouse for the full year, print X in the No box at L and write the dates you had a spouse in 2021–22 at M and N. Source:. a. Employers can report reportable super contributions online through Single Touch Payroll (STP) or through a payment summary annual report. 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. the maximum co-contribution entitlement was set at $500. You can choose to make personal super contributions to save for your retirement. From this tax, there. Contributing more than the caps to your super may mean having to pay extra tax. How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). Make sure your super fund has your tax file number (TFN). Use our employer contributions. How to use the SGC statement and calculator tool. you want to apply for a determination that some or all of your contributions should be either disregarded or reallocated to another year (NAT. the maximum co-contribution entitlement was set at $500. 7 million on 30 June of the financial year before the one in which you want to make your contribution. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. The minimum super you must pay is the super guarantee percentage of the worker's ordinary time earnings. See further details of official superannuation rates (including superannuation guarantee rates, thresholds and caps) from The Australian Taxation Office (ATO). It is generally taxed at a lower rate than your regular income. 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. There are other eligibility criteria you must meet. For more information, see: Non-concessional contributions cap. From 1 July 2022, two new SG changes applied. It will help you work out the SG sub-totals of each individual superannuation fund and the total of all contributions payable. For example, people earning between $45,001 and $120,000 pay a marginal tax rate of 32. At Prepare return, select 'Add/Edit' at the Income tests banner. select Super, then Manage, then Transfer super. Super may be taxed at 3 points in its life cycle: on contributions on the investment earnings in the fund, which in the accumulation phase are taxed at 15% retirement phase. Contributions caps. select Australian Taxation Office. Johnson Pty Ltd must record the extra contributions made for Adnan as reportable employer super contributions. For eligibility criteria visit ato. Defined benefits and constitutionally protected funds. Payments from super. They are taxed at a flat rate of 15% in your super fund. If you have a tax file number (TFN) you can make personal super contributions into a super fund of your choice and you may: be able to claim a tax deduction for your super contributions; be eligible for the low-income super tax offset; be eligible for the super co-contribution on contributions you don't claim a deduction for 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. Contributing more than the caps to your super may mean having to pay extra tax. SuperStream. Employers need to make super guarantee (SG) contributions to an employee's super fund for every quarter and ensure that they are received by the fund by the following dates: Quarter 1 (July–September) – due 28 October. SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. Reportable employer superannuation contributions are additional to the compulsory contributions your employer must make. Adjustments. 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. Government super contributions recovery notice. If you are 55 or older, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund. If not: contributions are taxed an additional 34%. After-tax contributions. 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. /Individuals/Super/Growing-your-super/Adding-to-your-superReportable super contributions – the sum of. Where possible, we will notify you if we do this. as a primary locator to link contributions and rollovers with member accounts and to locate member accounts. Module 1: Overview of superannuation. the $450 per month eligibility. The investment earnings on your super are also only taxed at 15%. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. If your contributions amounts go over these caps, you may have to pay extra tax. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. If you choose to have the contributions offset. 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. You can generally contribute up to $27,500 each financial year. Reportable employer super contributions (RESC). How to personalise your tax return. From 1 July 2021, the non-concessional contributions cap is $110,000. If your total income is equal to or less than $43,445 in the 2023/24 financial year and you make after-tax contributions of $1,000 to your super fund, you’ll receive the maximum co-contribution of $500. Personal contributions – deductions. Step 2: Send the form to AustralianSuper via our contact us page or post. If you are unable to access our ATO online services, you can check with your fund or phone us. 6 million on 30 June of the year before. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. With SuperStream money and data are sent electronically in a standard format. Paying super contributions. 6 million. If not: contributions are taxed an additional 34%. 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. Check your super has been paid. myTax instructions 2023. From 1 November 2021, where an employee commences employment but has not nominated a super fund, the employer is required to make contributions to the employee’s existing super fund (in circumstances where they have one). Contributing more than the caps to your super may mean having to pay extra tax. The tax rate depends on your income plus your before-tax super contributions. Non-resident foreign income. au You should consider your debt levels before adding to your super. Module 5: Paying super contributions. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. From 1 July 2022, if you are under 75 you will no longer need to meet the work test to make or receive non-concessional super contributions and salary sacrifice contributions. You can now: view your super fund accounts and balances, and amounts held by us; find lost and ATO-held super and. Offer employees a choice of super fund and keep records that show you've done this. A personal super contribution is a contribution that you make into superannuation from your personal bank account. This cap is indexed annually and is $1,650,000 for 2022–23. It will also reduce the risk of businesses building up large super contribution liabilities at the end of each quarter. Your total superannuation balance at 30 June 2021 was less than $1,600,000. reportable employer super contributions; deductible personal super contributions. Estimating your super. If employees do have the power to vary their employer contribution rate, the amounts over any compulsory contributions made will be reportable employer super contributions. 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. 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,. 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. Contributions made by an employer that are personal contributions. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. You can also make payments more frequently than quarterly, for example fortnightly or monthly. It will help you work out the. Offer employees a choice of super fund and keep records that show you've done this. At the Income tests heading: Enter at Tax-free government pensions or benefits the total amount of tax-free pensions and benefits you received during 2021–22. Many Aussie employers are required by law to make superannuation guarantee (SG) contributions for eligible employees every financial quarter. Super contributions should either be made to: the employee’s chosen fund; you should make a stapled super fund request and make contributions to the fund that we advise. 6 million on 30 June of the year. It still applies if you want to claim a personal super contribution deduction. Step 4: Report unpaid super. (provided the ATO is a linked service), as well as your. 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. 28 April. 4 min read. Why and how to pay yourself super. 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. Step 3: Receive confirmation from AustralianSuper. They need to be reported to the Australian Taxation Office (ATO). Manage reportable super contributions . There are rules for accepting contributions that all trustees need to know. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. 5% rate for payments of salary and wages made prior to 1 July. This effectively reduces your taxable income, meaning you pay less tax on your income. Division 293 tax. Previous ATO figures shared with ABC News show that last financial. As at 1 July 2021, your annual non-concessional cap is $110,000. Note: A nomination to offset late payments is binding and cannot be changed. Her total super balance is under the $1. Julie lodges an income tax return which includes tax deductions of $1,000, resulting in an adjusted taxable income of $31,000 ($32,000−$1,000). When and how you can transfer or roll over your super to another fund, and how to consolidate multiple super accounts. None of the amounts the employer contributes are. the unique superannuation identifier (USI) of your employee's super fund. you pay 15% tax; $250,000 p. retirement phase are tax-free – subject to a lifetime limit on the amount you can transfer into retirement phase (your transfer balance cap) on withdrawal, as explained in this page. 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. For most people, super begins when you start. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. Use ATO online services to keep track of your super, including accounts you may have forgotten or lost touch with. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. 31 March 2024. The first is to release the excess amount from your superannuation and pay personal tax on an. From 1 July 2020 to 30 June 2022, if you were aged 67 to 74 and your TSB was below $300,000 at the end of the previous year, you can make voluntary super contributions for 12 months from the end of the financial year in which you last met the work test. the maximum co-contribution entitlement was set at $500. NGS Super Opportunities and limits for super contributions 2. Your total income for 2021–22, was less than $56,112. Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. 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. 7 million. you exceed the concessional or non-concessional contribution caps. 20 =$7,000) and. 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. 7 million cap. 2021-22. au The total income used by the calculator to estimate the applicable Division 293 tax is equal to your annual salary before tax and before any salary sacrifice. small business 50% active asset reduction. The ATO calculates if you are eligible for a co-contribution payment and pays the amount directly into your super account. 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. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). 1 min read. Instructions; More information If you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. The MSCB for 2023–24 is $62,270 per quarter ($249,080 per year), which equals a maximum SG contribution by your employer of $6,849. ato Go to. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. For more information visit ato. This is now reviewed annually to. the tax-free and taxable components of the super. There are other eligibility. the contributions are out of your before-tax or post-tax income. If you require tailored technical and interpretative assistance relating to super matters for a specific individual or group of taxpayers, you can contact us by: secure mail for business. or more you pay 30% tax. haven’t given your TFN to your super fund. Super contributions to defined benefit and constitutionally protected funds Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. your total super balance, which is relevant to how some key superannuation rules apply to you. 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. Older super fund members who want to make a large non-concessional contribution into their super account can now do so from 1 July 2022, after the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 became law. Use this workbook to help you complete question A3 in your tax return 2023. gov. com. The more you contribute during your working life, the more you'll have for your retirement. 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. A downsizer contribution is a non-concessional contribution, but it doesn’t count towards the contribution cap. From 1 July 2021, the non-concessional contributions cap is $110,000. the amount of ATO-held super is $200 or more. The actual amount of tax will depend on various factors such as your age, the. Super co-contribution. However, there are certain circumstances where you can contribute more than $27,500 in one year. Use the super contributions calculator to work out the best way to boost your super. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. Request to adjust concessional contributions. The first home super saver scheme (FHSSS) was introduced in the 2017-2018 Federal Budget to improve housing affordability for first home buyers. Summary. If you' are unsure if you’re a member of one of these funds, contact your super fund. Division 293 tax may reduce the tax concession on super contributions for individuals. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. See claiming deductions for personal super contributions on the Australian Taxation Office (ATO) website for detailed information.