The ATO has released the Superannuation Contribution limits which will apply in respect of the 2014/15 financial year starting 01st July 2014.  Please note these are subject to any changes or freezing of indexation by the Treasurer , Joe Jockey, that may be announced in the Budget.  

•    Concessional contributions cap – increased  from $25,000 to $30,000 (includes Self Employed Member Deductible contributions, SGC and Salary Sacrifice)

•    Special Concessional contributions cap for Baby-Boomers of $35,000 will apply to anyone aged 49 or more on 30 June 2014

•    Non-concessional contributions cap – increased from $150,000 to $180,000 (always based on 6 times the base Concessional Cap)

•    3 -Year Bring forward of the Non-concessional contributions cap – increased  from $450,000 to $540,000 (3 year bring forward rule means no further contributions for 2 years afterwards)

•    Small Business CGT Non-concessional contributions cap – increased  from $1,315,000 to $1,355,000

•    Low rate tax-free threshold cap for withdrawals between age 55-59 – increased  from $180,000 to $185,000

•    Minimum Account-based pension drawdown rates – no change from 2013/14

Those with account-based pension will have their minimum annual required payment in 2014/15 calculated by multiplying the relevant adjusted factor (see below) by the pension’s account balance on 1 July 2014.

•    Maximum SG contributions base – increased to $49,430 from $48,040 per quarter (Employers not obliged to pay SGC on salaries above this level)

•    Government Co-Contribution lower threshold – increased to $34,488 (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 (This is the threshold above which the co-contribution will not be paid.)

Are you looking for an advisor that will keep you up to date and provide guidance and tips like in this blog? then why now contact me at our Castle Hill or Windsor office in Northwest Sydney to arrange a one on one consultation. Just click the Schedule Now button up on the left to find the appointment options.

Liam Shorte B.Bus SSA™ AFP

Financial Planner & SMSF Specialist Advisor™

Tel: 02　98941844, Mobile: 0413 936 299

PO Box 6002 BHBC, Baulkham Hills NSW 2153

5/15 Terminus St. Castle Hill NSW 2154

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This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.