FirstTech
FY25 Pocket Guide
Age Pension calculator

  • Basic concessional contributions cap
    Financial year Basic concessional contributions cap1

    2024–25

    $30,000

    2023–24

    $27,500

    2022–23

    $27,500

    2021–22

    $27,500

    2020–21

    $25,000

    2019–20

    $25,000

    2018–19

    $25,000

    1

    Subject to contribution eligibility rules being met. See FirstTech Super and Retirement Income Streams Guide for more detail.

    Basic concessional contributions cap is indexed to average weekly ordinary time earnings (AWOTE) in $2,500 increments.

    Refer to the FirstTech Super and Retirement Income Streams Guide for more information on the types of contributions that count against the basic concessional contributions cap.

  • Unused concessional cap carry forward

    Individuals may accrue unused basic concessional contributions cap amounts from the 2018–19 financial year onwards. These amounts may be used in later income years (2019–20 onwards) if the member’s total superannuation balance is less than $500,000 on 30 June of the previous financial year. Accrued unused basic concessional contributions cap amounts may be carried forward for a maximum of five years. For more information see the FirstTech Super and Retirement Income Streams Guide.

  • Tax treatment of concessional contributions
    Concessional contributions within cap Concessional contributions exceeding cap

    • 15% levied on fund

    • plus 15% Div 293 tax levied on high income earners

      marginal tax rate1

    1

    Excess concessional contributions are taxed at 15% within the fund and the member is taxed at their marginal tax rate plus Medicare levy, less a 15% tax offset for the tax already paid in the fund.

  • Division 293 tax

    Division 293 tax is an additional tax that applies to part or all of a member’s concessional contributions where their Division 293 income amount for a financial year exceeds $250,000.

    Division 293 tax of 15% is levied on a member’s 'taxable contributions'.

    A member’s Division 293 income amount is their income for surcharge purposes (disregarding reportable super contributions) plus low tax contributions.

    This can be calculated using the table below:

    Division 293 income amount

    Taxable income1

    + Amounts on which family trust distribution tax has been paid

    + Reportable fringe benefits

    + Total net investment loss

    + 'Low tax contributions' (generally non-excessive concessional contributions)

    – Assessable First Home Super Saver Scheme released amounts

    1

    Taxable income is assessable income less deductions. Excessive concessional contributions made from 1 July 2013 are included in taxable income.

    Low tax contributions for Division 293 tax

    Low tax contributions are generally concessional contributions that are not excessive. See FirstTech Super and Retirement Income Streams Guide for further detail.

    Taxable contributions for Division 293 Tax
    Division 293 income amount1 Taxable contributions

    Greater than $250,000

    Lesser of:

    • low tax contributions or

    • (the member’s Division 293 income amount1) – $250,000

    Less than $250,000

    Nil

    1

    See Division 293 income amount above.

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