he ATO has just released the Super thresholds which will apply in respect of the 2014/15 financial year. Please continue reading to find out how these new thresholds may benefit you!
- Concessional (tax deductible) contributions cap – increased to $30,000 from $25,000;
- Special Concessional (tax deductible) contributions cap for oldies – remains at $35,000 but will apply to anyone aged 49 or more on June 30 2013 (previously 50 years old);
- Non-concessional (non-deductible) contributions cap – increased to $180,000 from $150,000;
- The 3 year bring forward of the Non-concessional contributions cap – increased to $540,000 from $450,000;
- Super guarantee rate – 9.5% (increased from 9.25%). (The Federal Government has introduced legislation which, if passed by the Senate, will retain the SG rate at 9.25% for 2014/15 and 2015/16);Â and
- Government Co-Contribution lower threhold has been increased to $34,488, from $33,516 (This is the threshold above which the maximum co-contribution amount of $500 begins to taper) and the Government Co-Contribution higher threshold is increased to $49,488, from $48,516 (This is the threshold above which the co-contribution will not be paid).Â
If you have any questions in relation to these new thresholds, please do not hesitate to contact our office on 02 4268 0070.
