Super Contribution Caps Increase Update
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.
Please find attached the updated thresholds for next financial year.
If you have any questions in regards to the above, please don’t hesitate to contact an Intralink Adviser on (03) 9629 1100.