The ATO has announced the key superannuation rates and thresholds for 2014/15, in line with average weekly ordinary time earnings (AWOTE).
Key Points
- Concessional contributions cap – $30,000 (up from $25,000)
- Non-concessional contributions cap – $180,000 (up from $150,000)
- Non-concessional bring-forward cap (3 year rule) – $540,000 (up from $450,000)
Concessional Contributions Caps
The standard concessional contributions cap has increased from $25,000 to $30,000 for 2014/15 – those under age 49 at 1 July 2014.
For 2014/15, the higher concessional cap of $35,000 (not indexed) applies for those aged 49 years or over on 30 June 2014.
Non-Concessional Contributions Cap
The non-concessional contributions cap will increase to $180,000 for 2014/15 (increased from $150,000). The annual non-concessional cap is set at 6 times the level of the indexed concessional contributions cap (i.e. 6 x $30,000).
Non-Concessional Bring-Forward Cap
The non-concessional cap under the bring-forward rule over 3 years will be $540,000 from 1 July 2014 (increased from $450,000).
Contact us if you have any questions about the new caps