From the 1 July the following changes have been made to the Concessional (tax deductible) and Non – Concessional (non tax deductible) Superannuation Contribution Caps …….
Concessional Contribution rates for the year ended 30 June 2015
|Aged 49 or over on June 2014||$35,000|
Non-Concessional Contributions Cap rates for the year ended 30 June 2015
- $180,000 per person per annum
- If you are aged under 65 you may be able to make a non-concessional contribution of up to three times the non-concessional contributions cap (i.e.$540,000) for the year. By doing this you activate the bring forward provisions and you will not be able to make another non-concessional contribution for 3 years.
- If your employer pays life insurance premiums as part of your contribution to super, the payments could be included as part of the contributions caps.
- The above caps are per person, per annum. If you have more than one employer you need to ensure that the contributions caps are not going to be exceeded.
If you would like more information on how this might affect you, please contact us.