There are some important changes to contribution limits for Superannuation that you need to be aware of.
The contribution limit depends on your age and the type of contribution made:
Concessional Contribution Limit
Note: From 1 July 2014, anyone aged 49 or over on 30 June 2014 will have a temporary concessional contributions cap of $35,000 (for 2014/15 year).The standard concessional contributions limit will increase from the current $25,000pa to $30,000pa for the 2014/15 tax year.
Non-Concessional Contribution Limit
The non-concessional contributions limit will also increase to $180,000pa (i.e. 6 x $30,000) for 2014/15 and $540,000 (i.e. $180,000 x 3) when applying the additional 2 year ‘bring forward’ rule.
People under age 65 at any time in the financial year may bring forward two years’ worth of non-concessional contributions allowing them to contribute $540,000 (2014/15 tax year) at any time over a three-year period without exceeding the cap.
If you have any questions regarding the content above, or your individual contribution limits, please don’t hesitate to contact us.
