Superannuation concessional contributions cap 2014/2015
Date posted: Thursday, April 24, 2014
Some employers may be a bit confused by the recent changes made by the ATO to the superannuation rates and caps for 2014/15.
The amount contributed to super each financial year, is capped for tax purposes. Contributions above these caps are at risk of having to pay extra tax.
Factors impacting on the cap amount include:
- The superannuation holder’s age
- Whether the contributions are concessional or non-concessional contributions.
Concessional contributions are from before-tax income and are most commonly made up of employer contributions. Non-concessional contributions are from after-tax income and come from personal contributions.
To find out the current threshold on the superannuation concessional contributions cap then be sure to visit this link via the Australian Tax Office. This web page highlights the changes for the 2014/15 financial year.
Do you have more super questions? You can find out more by giving us a call, sending us an email or booking in for a visit. We specialise in servicing individuals and businesses in the South Eastern Suburbs including Pakenham, Lakeside, Berwick, Nar Nar Goon, Garfield, Tynong and Koo Wee Rup.
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You Could Be Earning More with Super
Date posted: Thursday, April 25, 2013
Welcome to our very first post. Don’t expect to see us posting ‘selfies’, uploading our latest and greatest recipe find or contributing to the world of art.
We’ve got some exciting news! From July 2013, you can start benefiting from one of many improvements to your super savings thanks to The Australian Government (yey!). These improvements include; reducing unnecessary fees and charges, increasing retirement saving and helping to provide a more comfortable and secure retirement. All in all you could be earning an extra $500 on your super… and let’s be honest who doesn’t love extra cash!! Give us a call to find out more about how to make your super work harder for you, or read more about this super saving news here http://superfuture.gov.au/