The superannuation contribution thresholds for next financial year (30 June 2015), have been amended and it is worth considering your contribution strategies in the lead up to 30 June 2014 and how you might best maximise the amounts you can put into superannuation over the coming years:
For the current year (30 June 2014) we have:
- $25,000 concessional (deductible) contributions
- $35,000 for those over 59 on 30 June 2013
- $150,000 non-concessional contributions, and
- $450,000 bring forward non-concessional (3 year bring forward)
For next financial year (30 June 2015) the amounts will be:
- $30,000 concessional (deductible) contributions
- $35,000 for those over 49 on 30 June 2014
- $180,000 non-concessional contributions, and
- $540,000 bring forward non-concessional (3 year bring forward)
Which year to contribute or trigger the bring forward rules is now well worth reconsidering with these changes.
The superannuation co-contribution is paid for those that contribute non-concessional amounts to super. There are certain conditions that you need to meet importantly, you need to meet the 10% work test.
The rates for 30 June 2014 are:
Co-contribution to your super acount by the government of up to $500 if your income is below the lower threshold $34,488. The rate of co-contribution paid drops as your income reaches up to $49,488.
Many children starting out at work, or those working reduced hours nearing retirement can often find this to be an option worth considering.
