Super caps increased for 2014/15
The ATO has announced the following changes to the superannuation contributions caps.
Concessional contributions cap
– employer contributions (including those under a salary sacrifice arrangement); and
– personal contributions claimed as a tax deduction by a self-employed person.
The amount of the cap will be increased from $25,000 in 2013/14 to $30,000 in 2014/15.
Non-concessional contributions cap
Non-concessional contributions include personal contributions for which taxpayers do not claim an income tax deduction.
The amount of the cap will be increased from $150,000 in 2013/14 to $180,000 in 2014/15.
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.