Superannuation thresholds for 2014/15
The ATO has released the Super thresholds which will apply in respect of the 2014/15 financial year.
- Concessional contributions (salary sacrifice / deductible) cap – increased to $30,000 from $25,000 for all.
- Special Concessional contributions cap for oldies – remains at $35,000 but will apply to anyone aged 49 or more on 30 June 2014.
- Non-concessional contributions (after tax funds) cap – increased to $180,000 from $150,000.
- Bring forward of the Non-concessional contributions cap – increased to $540,000 from $450,000.
- CGT Non-concessional contributions cap – increased to $1,355,000 from $1,315,000.
- Low rate tax cap – increased to $185,000 from $180,000.
- Account-based pension drawdown rates – no change.
- Super guarantee rate – 9.5% (increased from 9.25%). (The Government has introduced legislation which, if passed by the Senate, will retain the SG rate at 9.25% for 2014/15 and 2015/16.)
- Maximum SG contributions base – increased to $49,430 from $48,040 per quarter.
- Government Co-Contribution lower threshold – increased to $34,488 (from $33,516) (This is the threshold above which the maximum co-contribution amount of $500 begins to taper.)
- Government Co-Contribution higher threshold – increased to $49,488 (from $48,516) (This is the threshold above which the co-contribution will not be paid.)
If you have any questions about any of the above changes, or how they might affect you, please contact your Goodwin Chivas & Co advisor on 02 9899 3044.