Contributions to superannuation funds are subject to two types of "caps", and a third has been proposed in the 2016 federal budget. The annual concessional contributions cap since 2014/15 has been $30,000, with the cap for people over the age of 49 at the start of each year being $35,000. Concessional contributions are assessable income of the fund taxed at 15%. Concessional contributions in excess of the annual "concessional contributions cap" is included in the member's taxable income, taxed at their marginal tax rate, plus an excess concessional contributions charge, on top of the 15% already applying to concessional contributions. In the 2016 federal budget, the government proposed to reduce, effective 1 July 2016, the annual before-tax contributions limit to $25,000.