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How much can I contribute to my Superannuation Fund in the 2013 financial year?
The maximum concessional contribution that can be made is $25,000. Concessional contributions are generally included in the assessable income of a Superannuation Fund - refer Section 292 - 25 (2) Income Tax Assessment Act 1997 (ITAA 1997). They are also treated as a tax deduction by the contributor.
The maximum non-concessional contribution that can be made is $150,000, however, you can access the 'bring forward? rule and contribute up to $450,000 in the one year - Refer Section 292 - 85 (3) and (4) ITAA 1997. Non-concessional contributions are generally defined as contributions that are not included in the assessable income of the Superannuation Fund and consequently have not been treated as a tax deduction by the contributor - refer Section 292 - 90 ITAA 1997.
The Capital Gains Tax (CGT) cap amount is $1,255,000. This may be relevant for individuals that have entered into a CGT transaction that involves the sale of an active asset. Eligible entities have the ability to exclude personal contributions from counting towards their non-concessional contributions cap by electing for these amounts to be counted towards the superannuation capital gains tax (CGT) cap - refer Section 292 -90 ITAA 1997. To qualify for these concessions the capital gain must meet the requirements of either the small business retirement exemption or the small business 15 year exemption.