I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Nonconcessional Contributions - A brief account on limits of super contributions

One of the different types of contribution is a nonconcessional contribution or contribution that is made after tax. The limit of a nonconcessional contribution is $180,000 for the year 2015/2016 alone. It is possible however to increase your nonconcessional contributions by simply following a few good guidelines.

If you are not yet 65 years of age, you could contribute around $180,000 in nonconcessional or after tax donations without facing the consequences of excess contributions based on regulatiions. You are allowed to do this by doing a 'bring forward' or bringing forward around two years' of contributions. If your age is above 65 years old, then only the non-concessional cap is applicable and you should also go through a test before you are allowed to make any contributions at all.

The Yearly Nonconcessional Donations limit

The yearly limit of non-concessional contributions is generally for everybody. This means that as a couple you can produce non-concessional donations of around $360,000 for the year 2015/2016 and by making use of the bring forward guidelines, you could contribute up to $1,080,000 for the 2015/2016 year (was very relevant for the year 2015/2016) of after-tax contributions in about 1 year for every 3 years.

In total, couples can make around $1,080,000 of nonconcessional or after-tax contributions during the year 2015/2016 and around $30,000 all in concessional contributions (if you are under 48 years or 48 years old on June 30 2015), and $35,000 in concessional donations (if you are 49 years old or above on June 30 2015). This means that a couple could have up to $1.15 million as super contribution in just one year (for the 2015/2016 year).

What members should take advantage of though is that if you contribute more than $180,000 for the 2015/2016 year (also for the 2014/2015 year) of non-concessional donations in a single year, you immediately activate the 'bring forward' guidelines for the next two years. For example, if you produce a $200,000 nonconcessional contribution in Year A and then produce a $160,000 contribution for the following year, Year B, which is all in all $360, 000 - two years of limitations - you would not be able to start the process in Year C with, for example, a $540,000 contribution. The best that you can donate in Year 3 is $180,000 because of the effectiveness earlier of the bring-forward guidelines. The contributions you make for the third year are connected with your contribution during the previous years, assuming that you set off the bring forward guideline during the past financial year. You can then start the process over during Year 4.

Simply speaking, if you make a $360,000 nonconcessional contribution for the entire 2015/2016 year onwards, say for example June 20, 2016, it will bring forward a single year of contributions, however it also means that you have activated the bring forward pattern for the succeeding two years. The ideal amount of nonconcessional contributiions that you could then produce over the next two years is $180,000, bringing up your contributions to the $540, 000 maximum for the 3 year span.

You are going to find more stories of nonconcessional donations at www.australiansuperfinder.com.au.

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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