An Important Update for 1 July 2014 if you are Salary Sacrificing
Pre-tax contribution caps increase
The concessional (pre-tax) superannuation contribution caps will increase to $35,000 for those aged 49 and over on 30 June 2014 and $30,000 for everyone else. Remember these generally include contributions such as employer super guarantee and salary sacrifice contributions where a tax deduction is claimed.
After-tax contribution limits increase
Non-concessional contribution caps increase from an annual limit of $150,000 to an increased limit of $180,000. These are amounts that are contributed to your super fund in after-tax dollars and where a tax deduction has not been claimed.
NB: If you are Salary Sacrificing into superannuation as part of your pre-retirement planning, please take the time to speak with your JSA Adviser about adjusting your contribution levels to take advantage of these important changes.
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