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.)

Author: Macmillans Waller Fry - Accountants in Maitland

 

Long term tax-effective Investments

Determining where to invest requires multiple factors to be taken into consideration. One such factor may be tax efficiency. The tax charged on income from a tax-effective investment is less than the individual’s marginal tax rate. Superannuation The government provides incentives to save t...
Read More...


Salary Sacrificing for your Super

One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer. Contributions made through salary sacrifice...
Read More...

associations

 

 

Who we are

 

What we do

 

Macmillans - Accountants

Address:40 Church Street

Maitland NSW 2320

Phone:02 4933 4444

Fax:02 4933 7781

Email

 

Online PaymentContact Us