That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. which employees are eligible for super contributions? YES/NO. super fund details before making a super contribution. Your total superannuation balance at 30 June 2021 was less than $1,600,000. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. Deductions. Your SMSF must lodge an. How it works. Last modified: 02 Aug 2023 QC 73085. gov. au/super TAX 1 Plus Medicare levy. Your employer will pay your super contributions into either: your existing super fund, which is called a stapled super fund; their default super fund. Module 4: Calculating super guarantee. If possible, try to resolve your complaint by discussing it with your employer before reporting them. Why and how to pay yourself super. If your contributions amounts go over these caps, you may have to pay extra tax. (salary sacrifice, 'contribute and claim' and employer contributions) $27,500. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Have you determined. A concessional contribution is defined as a contribution to your super fund before tax. Aged under 75*. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. Reportable superannuation contributions are extra money that you or your employer have paid into your super in addition to the mandatory super payments. $17,353 if no employee contributions are made. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. From the 2017–18 financial year, the. gov. The non-concessional contributions cap is the maximum amount of after-tax contributions you can contribute to your super each year without contributions being subject to extra tax. Sam will sacrifice. we advise you that your employees do not have a stapled super fund. This is known as catch-up concessional contributions. Division 293 tax. phone on 13 10 20 between 8:00 am and 6:00 pm local time Monday to Friday. There are several requirements to be aware of for payments made. Work out how much super to pay with the Australian Taxation Office's (ATO) super guarantee contributions calculator. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. the higher income threshold was set at $15,000 above the lower income threshold. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. You only need to do this if you missed paying the minimum super. Once the contribution is made, you will have the option of claiming it as a tax deduction. It includes information sourced from: the income tax returns of individuals, companies, super funds, partnerships and trusts. The ATO sends an excess non-concessional contributions tax release authority to Vinnie's super fund instructing them to release $47,000 from his super. From 1 July 2021, the concessional contributions cap is $27,500. If possible, try to resolve your complaint by discussing it with your employer before reporting them. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. The 12% employer super contributions are not reportable because the employees have no influence over the contribution rate. Your 15% contributions tax on this amount is $567 (which is paid by your super fund to the ATO). 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. the unique superannuation identifier (USI) of your employee's super fund. On this page. Hybrid super funds. There are 2 types: Reportable employer superannuation contributions; Reportable personal concessional contributions. Non-resident foreign income. She made a personal contribution of $10,000 to her super. it will be harder to keep track of your super. The ATO website is getting a refresh soon. Request to adjust concessional contributions. For 2023/24 the maximum superannuation contribution base is $62,270 per quarter. If the ATO advises the employee does not have a stapled super fund, you can make the payment to yourSuper is an investment in your future. 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. Check your super has been paid. How much you can contribute. sign in to myGov. OTE is the amount you pay employees for their ordinary hours of work, including things like commissions and shift loadings. On this page. Some unfunded defined benefit funds require you to contribute a percentage of your salary to your super. See also. An eligible, active super account is one that: is held by a living person. 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 income for 2021–22, was less than $56,112. 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. Downsize your home and put money into super If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. You don’t need to offer a choice of super fund to some employees, but you may still need to request. bring-forward arrangement for non-concessional contributions; total super balance. Personal superannuation contribution deduction – notice of intent to claim (NOI) Adding to your super. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. Unused cap amounts can be carried forward for up to five years before they expire. Super co-contribution calculator. phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. If your employee's details are incorrect, their super fund may:. Contributing more than the caps to your super may mean having to pay extra tax. Your SMSF must lodge an. Last modified: 02 Aug 2023 QC 73085. 2 million for consultation and co-design. $4,145 if employee contributions of $7,000 are made. Contributions made by an employer that are personal contributions. A personal super contribution is a contribution that you make into superannuation from your personal bank account. Information you need before using the tool. The scheme allows you to make voluntary contributions (both before-tax concessional and after-tax non-concessional) into your super fund to save for your first home. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. Module 4: Calculating super guarantee. Maximum spouse contributions eligible for the tax offset. 6 million on 30 June of the year before. If the stapled super fund account provided by us can't accept contributions for the employee, you should make another request for the employee’s stapled super fund via ATO online services. If you don't claim a tax deduction for them. Contributing more than the caps to your super may mean having to pay extra tax. More information on ordinary time earnings (OTE) is available from the Australian Taxation Office (ATO) at ato. The actual amount of tax will depend on various factors such as your age, the. you're a high-income earner. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. See the ATO for a list of payments that are ordinary time earnings. The investment earnings on your super are also only taxed at 15%. You must report extra super contributions you make for your employees to the ATO. Module 3: Setting up super for your employees. If you do not pay minimum SG contributions for quarter 1 by this date, you must pay the super guarantee. This is the labour component of the contract. External Link. You have 90 days to send this form to your super fund, or they will not be able to withdraw the amount you request. You may be able to claim a tax offset of up to $540 per year if you make a super contribution on behalf of your spouse (married or de facto) if their income is below $40,000. 6 million on 30 June of the year. Find out more about searching for lost super on the ATO website. lodged an SGC statement. If you're eligible for a low income contribution of less than $10, the ATO will round this up to $10. Step 4: Report unpaid super. Tax return for super funds with total income in excess of $2 million in latest year lodged (excluding large and medium taxpayers). you are aged less than 65 years. Your TSB is calculated by adding together all the amounts you have in the accumulation. Payments from super. Find out more. The fundamentals behind the ‘carry forward’ unused cap rules are outlined below. For individuals between 67 and 74 wishing to claim a tax deduction for their super contributions, the ATO will administer the work test when the tax return is lodged. 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. The small business CGT concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business. None of the amounts the employer contributes are. 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). Super for self-employed people. 2022-23. Growing your super. 7 million. This form notifies us that you made concessional contributions in one financial year (year 1) but your self-managed superannuation fund (SMSF) did not allocate them to you until the next financial year (year 2). The 5 steps you must take as an employer to set up your business so you can pay your employees' super. If your total income is equal to or less than the lower threshold and you make personal non-concessional contributions of $1,000 to your super account, you will receive the maximum co-contribution of $500. OTE to work out the minimum super guarantee contribution for your employees. Pay electronically to complying super funds and retirement savings accounts. Division 293 tax may reduce the tax concession on super contributions for individuals. You were under 71 years old on 30 June 2022. What is the maximum super contribution? The maximum super contribution you can make to your super depends on what type of contribution you're making. The concessional contributions cap includes employer contributions, as well as any salary sacrifice contributions you make. Note: A nomination to offset late payments is binding and cannot be changed. Superannuation contribution on behalf of your spouse tax offset. You don’t need to offer a choice of super fund to some employees, but you may still need to request. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Super contributions to defined benefit and constitutionally protected funds. the matching rate was set at 50%. Previous ATO figures shared with ABC News show that last financial. They are taxed at a flat rate of 15% in your super fund. Division 293 tax. you are aged less than 65 years. under 18 years old, you pay it if they work more than. Step 2: Send the form to AustralianSuper via our contact us page or post. These contributions come from after-tax income, so they are non-concessional contributions. Contribution caps are the limits on how much you can pay. These are generally: any contributions your employer made for you, including any salary sacrifice contributions. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. Tax offset for super contributions on behalf of your spouse. You must have provided your super fund with your tax. See claiming deductions for personal super contributions on the Australian Taxation Office (ATO) website for detailed information. Superannuation guarantee (SG) contributions for your employees are due by 28 October. salary and wages to work out the super guarantee charge. 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,. 6 million. Provide employees' TFNs to their funds. *. Whether you’re paying super weekly, monthly, or quarterly, it’s important to check that you’ve applied the correct rate. The general concessional contribution cap is $27,500 per person. 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. For more information on Treasury’s. The first home super saver scheme (FHSSS) was introduced in the 2017-2018 Federal Budget to improve housing affordability for first home buyers. Eligible low-income earners with an adjusted taxable income of $37,000 or less receive a LISTO contribution to their super fund of 15% of their total concessional. If the employee provides the TFN to you less than 14 days before the next contribution, you must pass on the TFN within 14 days. The super fund pays the $47,000 to the ATO in compliance. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. If an employee doesn’t provide you with the correct details, or the fund can’t accept your contributions, you will need to request their stapled super fund details from the ATO. 5% in 2022–23). concessional (before-tax) contributions cap, which limits the amount that can be contributed to your super fund that is taxed at the concessional rate of 15%. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). you're a high-income earner. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility. It will help you work out the SG sub-totals of each individual superannuation fund and the total of all contributions payable. How To Claim The Superannuation Co-contribution. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. SG contributions should be paid to one of the following: Employee's chosen fund Employee's stapled super fund Other fund that meets your choice of fund obligations. If you go over the cap, at the end of the financial year, the ATO will give. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. The normal annual contribution caps apply. ensure if it is a variation notice, that it does not increase the amount to be claimed. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. To be eligible to make after-tax contributions, you must have less than $1. the matching rate was set at 50%. 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. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. These contributions are taxed at 15%. How to use the SGC statement and calculator tool. This is called a downsizer contribution to super. 20 =$7,000) and. Contribution caps are the limits on how much you can pay into your super fund each financial year without having to pay extra tax. It will help you work out the. If a member is eligible, they can claim an income tax deduction for super contributions they make for their own benefit. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. 2 million to the Australian Taxation Office (ATO) in 2023–24. Find out about. 2. 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. a1. If you are eligible for LISTO, the ATO automatically refunds $500 into your super account. How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). Downsizing super contributions. To be eligible to make after-tax contributions, you must have less than $1. For employees who commenced from 1 November 2021, you can only make contributions to your default fund if the ATO advises there is no stapled super fund. If you have paid super guarantee late, you are: required to lodge an SGC statement; liable to pay the super guarantee charge (SGC). You did not exceed your non-concessional contribution cap. 7 million in 2022-23 and $1. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. made a subsequent SG payment to an alternate super fund, and. 4 min read. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. For personal super contributions made on or after 1 July 2017, there is no income test. As a guide, employers contribute at least 11% of an employee's earnings to super. au. small business 50% active asset reduction. You can boost your super by adding your own personal contributions, which are the amounts you contribute directly to your super fund. 28 April. Module 2: Working out if you must pay super. If Jenny and Tom’s house sold for $400,000, they could each contribute $200,000 to their super. Use this workbook to help you complete question A3 in your tax return 2023. Division 293 tax may reduce the tax concession on super contributions for individuals. 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. 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. These contributions are also known as non-concessional contributions, voluntary contributions or personal super contributions. Key takeaways: Concessional contributions are contributions made into your super before-tax. you did not exceed your non-concessional contribution cap. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. There are rules for accepting contributions that all trustees need to know. Check if you're eligible to receive super contribution payments from the government. You may be able to choose the super fund your SG contributions are paid into. If they fail to do so,. Super contributions optimiser. 31 March 2024. When making voluntary concessional contributions, you should remember that SG contributions also count towards the cap. 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. . 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. Why and how to pay yourself super. Payments from super. However, there are certain circumstances where you can contribute more than $27,500 in one year. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. 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. You can't claim a deduction until you've received acknowledgement back from your fund. 7 million in super on June 30 of the previous financial year. 6 million on 30 June of the year. Contributing more than the caps to your super may mean having to pay extra tax. Module 3: Setting up super for your employees. Last modified: 02 Aug 2023 QC 73085. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. to help consolidate super accounts within and across funds. 1. to help consolidate super accounts within and across funds. Module 2: Working out if you must pay super. From 1 July 2021, the concessional contributions cap is $27,500. Adam wishes to make a super contribution of $3,000 to Carmel's complying super fund, on her behalf. If not: contributions are taxed an additional 34%. This lets us know the amount you’d like to claim. super fund details before making a super contribution. Australia's superannuation system is the main way most people save for their retirement. Learn about your super guarantee employer obligations by completing our online course. 28 April 2024. The ATO issues Vinnie with an excess non-concessional contribution tax assessment for $47,000 ($47% of $100,000). 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. Between 1 July 2020 and 30 June 2022, you could accept. You may be able to choose the super fund your SG contributions are paid into. If you are eligible to make non-concessional contributions and you contribute more than the annual general cap ($110,000 in 2023–24), you automatically gain access to your future. The clearing house is accessed via the ATO's Online services for business, Online services for agents or ATO online services in myGov. Your total income for 2021–22, was less than $56,112. reportable employer super contributions; deductible personal super contributions. For most people, 15% is lower than the marginal tax rate you pay on income. (provided the ATO is a linked service), as well as your. Personal super contributions You may be able to claim a deduction for personal super contributions you make to a complying super fund or retirement savings account. 2. Catch-up concessional contribution can accrue from 2018/19. overtime for which the worker was paid overtime rates. 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. When making voluntary concessional contributions, you should remember that SG contributions also count towards the cap. Use this tool to check if you are. SuperStream. In the 2022–23 financial year, Julie’s employer makes a super guarantee contribution of $3,360 into her super fund. e. 20 =$7,000) and. 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. 5% in 2022–23). It will also reduce the risk of businesses building up large super contribution liabilities at the end of each quarter. APRA regulated funds report contributions to the ATO when received and 30 June balances by 31 October, and the ATO will make the determination following receipt of this information. you have not made a request to transfer ATO-held super to your preferred super fund. from the 2014–15 to the 2016–17 financial year if you were 49 years or over on the last day of the previous financial year. But these contributions are still taxed within your super fund, but at a rate of 15%, which is lower than most people’s marginal tax rate, the ATO says. 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,. Your income statement will show your year-to-date: salary and wages. Paying your employees the right amount of super. Taxable component of $300,000 = 75%. Contributing more than the caps to your super may mean having to pay extra tax. Withdrawing and using your super When and how you can access your super and whether you need to pay tax on withdrawals. 3. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you have. • contributions by parents, other family or friends (not in the capacity of an employer) • government co-contributions. You can find your income statement in ATO online services through myGov or the ATO app. you want to apply for a determination that some or all of your contributions should be either disregarded or reallocated to another year (NAT. Medicare and private health insurance. For eligibility criteria visit ato. Check if you need to report your super. the $450 per month eligibility. See full list on ato. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). The 2021–22 concessional contributions cap is $27,500 unless you carry-forward unused concessional contributions amounts from previous financial years. But these contributions are still taxed within your super fund, but at a rate of 15%, which is lower than most people’s marginal tax rate, the ATO says. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. 3 min read. Her total super balance is under the $1. Opinion. You can choose to make personal super contributions to save for your retirement. Non-employer contributions. Step 3. When a super due date falls on a weekend or public holiday, your contribution must be received by the fund on or before the next business day. the matching rate was set at 50%. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. Offer employees a choice of super fund and keep records that show you've done this. After-tax contributions are known as ‘non-concessional contributions’ because you don’t receive a tax deduction. 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. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) arranging for your spouse to. NGS Super Opportunities and limits for super contributions 2. This is $1. The sum of your spouse's assessable income (excluding any assessable First home super saver released amount or COVID-19 early release of superannuation payment), total reportable fringe benefits amounts and reportable. What is the right way to notify my super fund that I want to contribute a carry-forward contribution for amounts still available from the 2018-19 financial year? I called my super fund about this and they advised me to fill out a 'Notice of intent to claim a deduction for personal super contributions' form for both 2018-19 and 2019-20 with the amounts. Medicare and private health insurance. Please note, your total super balance includes super held outside of AustralianSuper. the contributions are out of your before-tax or post-tax income. A member who intends to claim a deduction must notify you of this intent. For example, people earning between $45,001 and $120,000 pay a marginal tax rate of 32. Super investment options. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Learn about your super guarantee employer obligations by completing our online course. gov. Ordinary time earnings are what you earn for your ordinary hours of work. Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. Generally, the ATO will not pursue unpaid super enquiries relating to contribution periods that ended more than five years ago. Your employer must pay SG contributions into your super account at least every three months. For more information, see: Non-concessional contributions cap. You must have a nominated (default) super fund and pay your employees super into this fund if: your employees do not choose a fund, or are not eligible to choose one, and. For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. 5% for each $1 over $45,000 (in addition to $5092 in tax). Paying super contributions. Division 293 tax may reduce the tax concession on super contributions for individuals. 5% for each $1 over $45,000 (in addition to $5092 in tax). The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. Step 1: Complete the Notice of intent to claim a tax deduction for personal super contributions form. 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. EFT or BPAY direct to the fund Example: 2 part tax offset for spouse super contributions. the higher income threshold was set at $15,000 above the lower income threshold. Employers will be able to check with the ATO to see if the employee has an existing super account. Find, recover and consolidate lost super. myTax instructions 2023. 5% of Adnan's salary. 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). See further details of official superannuation rates (including superannuation guarantee rates, thresholds and caps) from The Australian Taxation Office (ATO). General concessional contributions cap. Funds must allocate contributions to a member’s account within three business days. You may have to pay more tax if you exceeded the non-concessional contributions cap. $17,353 if no employee contributions are made. Opinion. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). use our Report unpaid super contributions from my employer tool to let us know your employer has not been paying enough super. If you reach your preservation age and withdraw super before turning 60, you pay tax on the taxable components of your payments. Being paid the right amount of super and making extra contributions. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. Adding to your super. You can now: view your super fund accounts and balances, and amounts held by us; find lost and ATO-held super and. Government contributions superannuation (super) recovery notices are sent to funds to advise them of members who have received an overpayment from us. Each spouse can contribute up to $300,000. For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. Contributing more than the caps to your super may mean having to pay extra tax. Provide employees' TFNs to their funds. Before claiming a deduction for personal super contributions, you should consider the impacts on your super. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. 3. 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. The clearing house distributes the payment to each employee's super fund according to your instructions. Payment errors. You were under 71 years old on 30 June 2022. You should also contact your super fund to discuss: the contributions that were made; how a contribution cap was exceeded. Division 293 tax. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Check your super has been paid. Choose the right investment options for you. ExamplesDefinition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. the amount of $5,000 being less than 85% of the $10,000 contributed by his employer, and. It's a tax-free contribution even if only one of you is listed as an owner. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. any personal contributions you made that you’ve advised. They need to be reported to the Australian Taxation Office since the ATO uses them to calculate tax concessions, taxes, Centrelink benefits, and a range of other thresholds.