Changes to Superannuation ContributionsThere 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.