For 2024/25, the concessional contribution cap is $30,000 per year. This covers all before-tax contributions - employer super payments, salary sacrifice and the personal contributions you claim as a tax deduction. If you earn less than $250,000 p.a. these contributions are taxed at 15% (concessional rate). If you earn above that, contributions are taxed at 30%.

If you don't reach the before-tax contribution cap one year, you may be able to carry over the unused portion to future years. This is known as the carry forward rule (concessional contributions). You can carry forward unused caps for up to five years, as long as your super balance is less than $500,000 at 30 June.

For example, if your total before-tax contributions last year were $20,000, you can carry over the remaining $10,000 contribution limit to this year, and therefore contribute up to $40,000 before tax, without being penalised.

Note, this is not the same as the bring forward rule which is only for non-concessional (after tax) contributions. 

The non-concessional (after tax) contributions cap for 2024/25 is $120,000 p.a. - or under certain criteria $360,000 over three years. These contributions are voluntary payments to your super that aren't claimed as a tax deduction and are not taxed when paid to your super. But your total super balance must be less than $1.9 million.

Non-concessional contributions can also include contributions your spouse makes into your super account and transfers from foreign super funds such as KiwiSaver.

The bring-forward rule (non-concessional contributions) allows you to use the $120,000 after-tax contribution caps from future years, and apply them to a single year. As long as you are under 75 years of age in the first year, you can use the caps from the next two years, making it possible to contribute up to $360,000 in one year without penalty. Of course, it means you reduce your limit for the next year or two.

Simply put, as long as your average annual contributions over three consecutive years is $120,000 or less, then you won't be penalised.