Super Contribution Caps Increase Update
10 Mar 2014
Welcome news is that standard concessional and non concessional contributions caps will increase next financial year. Important changes to commence from 1 July 2014 include:
- - The concessional cap will increase to $30,000 ($35,000 for those aged 49 or more on 30 June 2014).
- - The non-concessional contributions cap will increase to $180,000 (annually) and $540,000 over 3 years (under the ‘bring forward’ rules).
- - The low rate cap (for tax on super lump sum withdrawals under age 60) will increase to $185,000.