Changes to the 2015 contribution caps

The 2015 income year has seen some substantial increases in the contributions cap amounts.

– the annual non-concessional contributions cap has increased to $180,000 (up from $150,000 in the prior year) and this means the cap is $540,000 for those eligible for the 3-year bring forward rule (up form $450,000 in the prior year).

WARNING:  if you are already part way into your 3-year bring forward rule with the $450,000 cap you cannot do a top of of an additonal $90,000.  The $450,000 cap still applies until the 3-year period is over.

– The concessional contributions cap has increased to $30,000 (up from $25,000 in the prior year), or to $35,000 for those aged 49 years or over on 30 June 2014.

– The low-rate cap has increased $185,000 (up form $180,000 in the prior year).

 Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.