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Superannuation rates and thresholds

Superannuation rates and thresholds

The ATO has updated the superannuation rates and thresholds for 2014/2015.

Concessional contributions cap

These include:

  • Employer contributions (including contributions made under a salary sacrifice arrangement); and
  • Personal contributions claimed as a tax deduction by a self-employed person.
Financial Year Amount of cap
2014/2015 $30,000
2013/2014 $25,000

Note that from the 2013/2014 year, excess concessional contributions are included in the individual’s assessable income and taxed at their marginal rates.

They are also liable for an ‘excess concessional contribution charge’, calculated at 5.82% for the September 2013 quarter and 5.6% for the December 2013 quarter.

Temporary concessional cap

Financial Year Age of taxpayer Amount of cap
2014/2015 49 years or over on 30 June 2014 $35,000*
2013/2014 59 years or over on 30 June 2013 $35,000*

* As the higher temporary cap of $35,000 is not indexed, it will cease when the general cap reaches $35,000 through indexation.

Non-concessional contributions cap

Non-concessional contributions include personal contributions for which taxpayers do not claim an income tax deduction.

Financial Year Amount of cap
2014/2015 $180,000
2013/2014 $150,000

With the increase in the non-concessional cap to $180,000, the non-concessional cap under the bring-forward rule over 3 years has increased to $540,000 (from $450,000). Taxpayers wishing to avail themselves of the $540,000 cap must wait until 1 July 2014.

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