Some positive superannuation news. The superannuation contribution limits increase from 1 July 2014. This may lead to important planning points which we will discuss with you in due course.
| Increase in concessional contribution caps for: | Includes SGC employer, personal pre-tax and salary sacrifice contributions |
|---|---|
| Under 49 | The concessional contribution cap will increase to $30,000 (from $25,000 currently); |
| Over 49 | A concessional contribution cap of $35,000 pa will be available for people over age 49 (those aged >60 can do $35,000 in FY14) |
| Increase in non-concessional contribution caps for: | Funded from after tax savings in your personal name |
| ALL AGES | The non-concessional contribution cap will increase to $180,000 (up from $150,000 currently); andThe increase in the non-concessional contribution cap will result in a higher limit for those using the bring forward rule from $450,000 to $540,000. Before making any such contribution it is critical to check whether the bring-forward provisions have been previously activated. |