Increases to contribution caps

From 1 July 2014 there are changes to the contribution caps which may allow you to contribute more into your super.

Contribution type

Cap 

Concessional (eg SG and salary sacrifice)

Increases from $25,000 pa to $30,000 pa

However, if you’re age 49 and over at 30 June 2014 the cap for 2014/15 is $35,000 pa

Warning:
Any contributions above the cap is taxed at your marginal tax rate plus an interest charge. You receive a tax offset equal to 15% of the excess for the contributions tax already paid by the fund.

Non-concessional (eg personal tax)

Increases from $150,000 pa to $180,000 pa

If you are under age 65 you can bring forward two years of future entitlements, equalling a cap of $540,000 over three years, which is an increase from $450,000 pa (provided you have not triggered the bring forward rule in the 2012/13 or 2013/14 financial years in which case your cap will remain $450,000 over 3 years).

Warning:
Any contributions above the cap are taxed at the top marginal tax rate of 46.5%. Additional tax may apply.

To find out how the above changes affect you please contact our Member Centre on 1300 366 216.

From 1 July 2014 there are changes to the contribution caps which may allow you to contribute more into your super.

Contribution type

Cap 

Concessional (eg SG and salary sacrifice)

Increases from $25,000 pa to $30,000 pa

However, if you’re age 49 and over at 30 June 2014 the cap for 2014/15 is $35,000 pa

Warning:
Any contributions above the cap is taxed at your marginal tax rate plus an interest charge. You receive a tax offset equal to 15% of the excess for the contributions tax already paid by the fund.

Non-concessional (eg personal tax)

Increases from $150,000 pa to $180,000 pa

If you are under age 65 you can bring forward two years of future entitlements, equalling a cap of $540,000 over three years, which is an increase from $450,000 pa (provided you have not triggered the bring forward rule in the 2012/13 or 2013/14 financial years in which case your cap will remain $450,000 over 3 years).

Warning:
Any contributions above the cap are taxed at the top marginal tax rate of 46.5%. Additional tax may apply.

To find out how the above changes affect you please contact our Member Centre on 1300 366 216.