Concessional contributions cap for 2013/14

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.

Financial years 2013 – 2014

$25,000 (up to age 60)
$35,000 (Age 60+)

Tax on amounts over the cap 31.5% (in addition to the 15% paid by the super fund)

In the 2012-13 Federal Budget the government announced that from 1 July 2012, individuals earning income of more than $300,000 will have their contributions tax rate increase from 15% to 30% (excluding Medicare levy).

Published October 1st, 2013 Posted By iCare Super
Contact the Author at info@icaresuper.com.au