SUPERCentral
 

SUPERCentral is Australia's leading online SMSF Services provider to Accountants, Financial Advisers and SMSF Administrators.

 

Make sure you're fully informed on the latest issues and changes in the SMSF community.

Twitter

LinkedIn

To access SUPERCentral SMSF media page please click here

ATO releases Super thresholds for 2014/15

03/03/2014

The ATO has just released the Super thresholds which will apply in respect of the 2014/15 financial year.

•    Concessional contributions cap – increased to $30,000 from $25,000

•    Special Concessional contributions cap for oldies – remains at $35,000 but will apply to anyone aged 49 or more on 30 June 2014

•    Non-concessional contributions cap – increased to $180,000 from $150,000

•    Bring forward of the Non-concessional contributions cap – increased to $540,000 from $450,000

•    CGT Non-concessional contributions cap – increased to $1,355,000 from $1,315,000

•    Low rate tax cap – increased to $185,000 from $180,000

•    Account-based pension drawdown rates – no change

•    Super guarantee rate – 9.5% (increased from 9.25%).
(The Federal Government has introduced legislation which, if passed by the Senate, will retain the SG rate at 9.25% for 2014/15 and 2015/16.)

•    Maximum SG contributions base – increased to $49,430 from $48,040 per quarter

•    Government Co-Contribution lower threshold – increased to $34,488 (from $33,516)
(This is the threshold above which the maximum co-contribution amount of $500 begins to taper.)

•    Government Co-Contribution higher threshold – increased to $49,488 (from $48,516)
(This is the threshold above which the co-contribution will not be paid.)

•    Low income superannuation contribution – $37,000 income threshold is not indexed.
(The Federal Government has introduced legislation which, if passed by the Senate, will abolish this co-contribution in respect of 2013/14 and subsequent financial years.)