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.|