The end of another financial year is fast approaching.
The 2014/15 financial year which commences from 1 July 2014 will bring with it a number of legislative changes, including increases to the amounts eligible individuals are able to contribute to superannuation.
We have summarised the relevant changes below;
Pre-tax (concessional) contribution limits
[Includes Employer, self-employed & salary sacrifice]
- $30,000pa for persons aged less than 49 on 30 June 2014
- $35,000pa for persons aged 49 or over on 30 June 2014
Post-tax (non-concessional) contribution limits
[Includes amounts added to super from after-tax pay & spouse contributions]
- $180,000pa for all persons eligible to contribute to super
- $540,000 in a single year (using 3 year bring forward rule) for persons aged 64 or less on 1 July 2014
To discuss the potential impacts and opportunities in relation to these changes you can contact our office on (03) 8602 0900.