Key Superannuation Numbers from 1 July 2014

 

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Reminder of the Key Superannuation Numbers

Where you satisfy the relevant eligibility criteria, the key superannuation numbers from 1 July 2014 are as follows:

 

  • General concessional (ie tax deductible) contribution limit                   $30,000
  • For those aged 49 or over on 30 June 2014                                         $35,000
  • Non-concessional contributions (general)                                             $180,000
  • With three year bring forward rule (under age 65 only)                         $540,000
  • The superannuation guarantee charge (SGC) contribution rate           9.5%
  • SGC quarterly contribution cap                                                             $49,430

For more details on superannuation contributions go here.

As always you should be very careful not to breach the relevant cap when making voluntary superannuation contributions.

The minimum tax rate on concessional superannuation contributions is 15%. This rate can rise to 30% for certain higher income earners (relevant income and superannuation contributions over $300,000).

Those who were born between 1 July 1959 and 30 June 1960 will reach their superannuation Preservation Age this financial year.

Where you are receiving an account based superannuation pension you should ensure that you draw down the minimum pension for this year by 30 June each year. The required minimum pension percentages increased from 1 July 2013 as follows:

Age of Recipient       2013/14 and thereafter
Under 65 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
Over 94 14%


Superannuation pensions must be paid in cash out of the Fund.