ATO releases Super thresholds for 2014/15

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 older Australians ?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.)

Joel Xuereb