Concessional contributions (usually these are your employer contributions and any salary sacrifice contributions you make) are taxed at a lower rate (a ‘concessional’ rate) when compared to an average person’s marginal tax rate.
The current concessional tax rate that applies to these kinds of contributions is 15%.
When these contributions are received to your ElectricSuper account, we take the 15% tax out to pay directly to the Australian Taxation Office on your behalf.
Concessional contributions are subject to an annual cap. If you contribute more than the annual amount to your super in a year, there may be additional tax to pay. We have more information on these rules below. See the current year’s caps on the ATO website.Read more