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With one quarter to go in the financial year, many clients will start to position themselves for the upcoming financial year. One major consideration might be how much superannuation they put away for themselves.
Below is a breakdown that will be useful to you and your clients considering superannuation next year:
| Concessional Contributions Cap | Non-concessional Contributions Cap | |||
| Financial years 2013 - 2014 |
$25,000 (up to age 60) |
$150,000 or $450,000 over 3 years. |
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| Financial years 2014 - 2015 |
$30,000 (up to age 50) |
$180,000 or $540,000 over 3 years. |
||
| Tax on amounts over the cap |
31.5% (in addition to the 15% paid by the super fund) |
46.5% |
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| Other information |
Any concessional contributions in excess of the cap will also count towards the individual’s non-concessional contributions cap. |
Individuals under 65 years old at any time during the financial year are able to bring forward the next two years of contributions. This effectively allows them to contribute up to three times the cap at once. The bring forward provisions are triggered in the first year in which the annual amount is exceeded. |
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Sourced from the Institute of Chartered Accountants
Essentially, from 1 July 2014 clients under 50 years of age will be able to contribute $30,000 to super and those over 50 will be able to contribute $35,000.
If your clients consistently put the contribution limit on their super, you should consider providing them with this information as soon as possible to enable them to make budget alterations for next year.
Also, a reminder that the superannuation guarantee charge will increase from 9.25% to 9.5% from 1 July 2014.
