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Client Alert - New Superannuation Thresholds From 1 July 2014

The ATO has recently released the latest Superannuation Thresholds which will apply for the 2014/15 financial year, starting from 1 July 2014.

Superannuation Guarantee Charge (SGC)

Commencing on 1 July 2014, the SGC rate will increase by 0.25% to 9.50% from 9.25%.
Starting from 1 July 2014, the maximum annual salary where SGC is required to be paid will increase to $197,680, up from $192,160.

Concessional (Tax Deductible) Contributions

From 1 July 2014 the following annual thresholds will apply:
 - The concessional contributions cap will stay at $35,000 for those aged at least 59 on 30 June 2014.
 - For those aged at least 49 on 30 June 2014, the concessional cap will increase from $25,000 to $35,000.
 - The concessional cap for those under age 50 will increase from $25,000 to $30,000.

Non-Concessional Contributions

From 1 July 2014 the non-concessional contributions cap will increase from $150,000 to $180,000.

Government Co-Contribution

If you are a low or middle-income earner and make non-concessional contributions to your superannuation fund, the government will pay a maximum matching contribution of $500 to your fund.
From 1 July 2014 in order to be eligible for the full $500 co-contribution in 2014/2015, your income must be less than $34,488 (increased from $33,516 in 2013/2014).
To receive a partial co-contribution payment in 2014/2015, your income must be less than $49,488 (increased from $48,516 in 2013/2014).

Superannuation Lump Sum Withdrawals

Superannuation lump sums are tax free for those aged over 60. If aged between 55 and 59, you have a lifetime low rate cap which allows you to draw a lump sum from your superannuation tax-free up to a certain amount, with the remainder being taxable.
From 1 July 2014 the following thresholds will apply:
 - The low rate cap will increase from $180,000 to $185,000.
 - The higher untaxed plan cap will increase from $1,315,000 to $1,355,000.

If you have any questions regarding the above, or any other tax or accounting matter, please call and speak with one of our team members.

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