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by: Sanj Ediris

Superannuation Fund Returns

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%.

Before tax

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.

Source:

http://www.superreview.com.au
http://www.smh.com.au