Superannuation funds saw double-digit average returns over the 2013/14 financial year, with the results expected in the average Balanced Fund to record a rise of 13%.
There are limits on the tax concessions you can claim from adding to superannuation from your income ‘before tax’.
‘Before tax’ includes:
– Employer contributions;
– Salary sacrifice;
– Before tax spouse/partner contributions;
– Other contributions where you have claimed a tax deduction.
Change to limits:
The 2013-14 limits were:
Under 60 – $25,000
Above 60 years of age – $35,000
The 2014-15 limits are higher
Under 50 – $30,000
Above 50 years of age – $35,000
Non-concessional contributions cap
The non-concessional contributions cap is the limit on the amount of non-concessional contributions you can make each year before you pay extra tax.
The non-concessional contributions cap is six times the amount of the general concessional contributions cap, which is indexed each year.
2013–14 the non-concessional contributions cap is $150,000.
2014-15 the non-concessional contributions cap will increased to $180,000.