Super Contribution Caps For The 2015 Financial Year

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The start of the new financial year brings with it a change to the Super Fund Contribution Caps, increasing the annual contributions you can make to super.

These updated caps can help you:

–          minimise tax

–          keep salary sacrifice arrangements up to date

–          maximise the wealth held in your super fund

Concessional Contributions Cap

Concessional contributions include:

–          employer contributions (including contributions made under a salary sacrifice arrangement)

–          personal contributions claimed as a tax deduction by a self-employed person

 

Age at 1 July 2014 2014/15
Over 49 $35,000
Under 49 $30,000

 

Non-Concessional Contributions Cap

Non-concessional contributions include personal contributions for which you do not claim an income tax deduction.

Annual Cap 2014/15$180,000
Bring Forward Cap* $540,000

 

*Note: If you are under age 65 at any time during the financial year the contribution is made, you can bring forward two years of contributions, effectively allowing you to contribute up to three times the cap at once totalling $540,000 during 2014/15.

The concessional tax environment of Super Funds provide an opportunity to grow your net wealth that simply is not available outside of Super. Maximising the contributions caps above provides the opportunity to maximise these tax savings.

If you have any questions relating to contributions caps, salary sacrifice arrangements or general questions relating to Self Managed Super Funds please contact Chris Smith for more information.

 

Written by: Chris Smith

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Chris Mandzufas

Chris Mandzufas

Chris has a diverse range of skills and experience as a result of providing accounting, taxation, advisory board and management consulting services to owners and directors of fast growing businesses.

Chris Smith

Chris Smith

Chris Smith has been a member of the Chartered Accountants Australia & New Zealand since 2006, a member of the Tax Institute of Australia since 2013, and a registered Tax Agent since 2018.

Tony Monisse

Tony Monisse

Tony’s key focus is the integration of strategy and financial management. To this end he has developed tools and process that facilitate this integration, including business modelling, target setting and rolling cash flow forecasts.

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