Concessional contributions
Concessional contributions are generally tax deductible (either to your employer or you personally). Concessional contributions are taxed in the fund at the rate of 15%.
Amounts in excess of the concessional contributions cap will be subject to excess contributions tax at the rate of 31.5% on top of the 15% already paid in the fund. You may pay the excess contributions tax directly to the ATO yourself, or withdraw an amount from a superannuation fund to pay the tax.
Further, the amount of the excess concessional contributions will be counted towards your non-concessional contributions cap (together with any other contributions made that count towards that cap) in the relevant period.
If you do not quote your tax file number, certain concessional contributions (for example, employer contributions) can be subject to additional tax in the Fund whilst others (for example, personal contributions including those being claimed as a tax deduction) will not be accepted.
For details on providing your TFN please see > Tax file number collection.
