Non-concessional contributions (tax)
Non-concessional contributions are generally not tax deductible. In some cases, personal non-concessional contributions may attract a Government co-contribution. If you are a low income earner, your spouse may be eligible for a rebate of up to 18% in respect of non-concessional contributions they make on your behalf.
Non-concessional contributions that are within the non-concessional contributions cap are not taxed in the Fund. Amounts that exceed this cap for the income year will be subject to an excess contributions tax at the rate of 46.5%. You will be required to pay the tax from money released from a superannuation fund.
No tax applies upon receipt of a CGT exempt small business sale proceeds contribution that falls within the relevant cap, a personal injury payment or a rollover superannuation benefit (unless it contains an untaxed element, for example, if paid from certain public sector schemes).
