If you are under 50 years of age the total is $500,000. Made up of:
- $450,000 non concessional.
- $50,000 concessional.
If you are over 50 years of age and under 65 years of age the total is $520,000. Made up of:
- $450,000 non concessional.
- $70,000 concessional.
Please refer to Regulation 7.04(3) & (4) of the Superannuation Industry (Supervision) Regulations 1994 (SISR 1994) and Section 292?85 of the Income Tax Assessment Act 1997 (ITAA 1997)
Please note That the $450,000 is achieved by using the 3 year bring forward rule and as such you will not be able add to your non concessional contributions for the following 2 years.
Unless you are willing to pay Excess Contributions Tax. Of the $70,000 and $50,000 contributions, half will need to be allocated to your superannuation funds contribution reserve.
Please see this link http://mcnamaraandco.com/news/2013/01/how-can-i-reduce-my-excess-contribution-tax-and-maximise-my-tax-deductions-outside-of-my-self-managed-superannuation-fund-smsf/
Again you will not be able to make any further concessional contributions in the following year and have them allocated to your account. Unless you are willing to pay Excess Contributions Tax.