The Australian Taxation Office (ATO) has released the superannuation contribution thresholds which will apply in respect of the 2014/2015 financial year. Please find below a summary of these changes:
- The concessional contribution cap will increase from $25,000 to $30,000;
- The special concessional contribution cap for persons aged over 60 remains at $35,000 but will also apply to anyone aged 49 or more on 30 June 2013;
- The non-concessional contribution cap will increase from $150,000 to $180,000;
- The ‘bring forward’ of the non-concessional contribution cap will increase from $450,000 to $540,000.