The terms 'non-concessional contributions', 'post-tax contributions' and 'after-tax contributions' are often used interchangeably. The terms refer to contributions made from a person's after-tax income including any contributions made by your spouse to your superannuation account.
The annual limit for non-concessional contributions is $150,000. People under 65 years of age can bring forward two years of contributions and make a larger contribution of up to $450,000.
People aged 65 to 74 years of age, can contribute up to $150,000 per annum if they meet the 'work test' which means they need to work 40 hours in 30 consecutive days in a financial year to make a non-concessional contribution.
People over 75 years of age are not eligible to make a non-concessional contribution into their superannuation.
Non-concessional contributions below the cap will not be taxed again and will be tax free when withdrawn from your superannuation fund. The earnings on non-concessional contributions, whilst taxable, are taxed concessionally at 15% in a superannuation fund.
Westscheme cannot accept your non-concessional contributions if it does not have your tax file number (TFN).
If you make contributions that exceed the cap because you contribute to more than one superannuation fund, the excess contributions will be taxed at the top marginal rate plus Medicare levy (currently 46.5%). You will receive a letter from the ATO stating your tax liability arising from the excess contribution. You will be required to ask your super fund to release an amount that is equal to the tax liability.