ATO releases Super thresholds for 2014/15

Written on the 21 March 2014 by Macmillans Waller Fry - Accountants in Maitland

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 2013
• 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.)