First Super Superannuation 26
First Super Superannuation 26
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Your employer is making compulsory super guarantee (SG) contributions on your behalf, but how can you make your super grow faster

There are two types of voluntary superannuation contributions:

  1. Concessional contributions, which include contributions made before-tax is applied to your income, such as salary sacrifice, or to reduce your tax payable, such as personal deductible contributions. (SG payments also count as concessional contributions.)
  2. Non-concessional contributions,  which include contributions made from your savings or monies from other sources, such as property net proceeds or inheritance, where tax has previously been applied.

Contributions caps

There are limits on how much you can contribute to super before you are forced to pay extra tax. (Read more about how super is taxed.)

The non-concessional (after-tax) contributions cap for the 2022/23 financial year is:

  • $110,000 per year; or
  • $330,000 in a rolling three-year period under the bring forward provision. If you’re under age 75, you can bring forward two years of non-concessional contributions without triggering a tax penalty.

There’s more good news. If your total assessable income is less than $57,016 in the 2022/23 financial year and you make a voluntary after-tax contribution, you may be entitled to a Government Co-contribution payment.

For more details about contribution caps, speak to our Member Services Team on 1300 360 988.


As we now know, the concessional contribution cap is currently $27,500 per financial year. But can you contribute more than $27,500 in a year?

For some, the answer will be ‘yes’.

Using the carry-forward rule, you can “catch up” by carrying forward any unused concessional cap contributions since the 2018/19 financial year into future years.  By bunching together your unused cap amounts, technically, you’re contributing more than $27,500 in a single financial year, but you’re not breaking any rules.

For example, if you contributed only $15,000 to super last financial year, you could contribute $37,500 this financial year.

What are the benefits? 

This rule gives you the flexibility to contribute larger amounts and maximise past concessional contribution caps that would otherwise go to waste. This can be particularly helpful in the period leading up to retirement when you’re looking to boost your super to use as future income.

Do any conditions apply? 

Yes. Here are the key things you need to know. 

  • This rule only applies from the 2018/19 financial year onwards. 
  • Unused cap amounts will expire after a rolling five-year period. 
  • The total super balance across all your super accounts must be less than $500,000 at the end of the financial year before you use the carryforward rule.  

We recommend seeking advice from a First Super Financial Planner to help you work out any unused carry-forward amount and the best way to use it. 

individuals aged 67-74 years

Those aged 67 to 74 no longer need to meet the work test. This means you’ll be able to make or receive voluntary contributions (after-tax personal contributions or salary sacrifice) subject to existing contribution caps. You’ll also be able to take advantage of the carry-forward rule.

You may still have to meet the work test to claim a personal superannuation contribution deduction.

We’re here to help. So let’s talk.

If you have any questions, please don’t hesitate to call our Member Services Team on 1300 360 988, or email us.