Super Contributions

Superannuation guarantee maximum contribution base $49,430 per quarter
Concessional contributions cap for those under age 49 on 30 June 2014  $30,000
Concessional contributions cap for those age 49 or over on 30 June 2014  $35,000
Non-concessional contributions cap  $180,000/$540,000*
CGT cap $1.355 million**

*    People under age 65 at any time in the financial year may effectively bring forward two years’ worth of non-concessional contributions, allowing them to contribute $540,000 at any time over a three-year period without exceeding the cap.  If a person has invoked the two-year bring forward rule in a particular financial year, their non-concessional cap will remain at three times the non-concessional cap in the first year.

**  The CGT cap is a lifetime limit and is indexed annually and rounded down to the nearest $5,000.


Government Co-Contribution***

 Total  Reduction in max co-contribution  Maximum income (TI)
(RI) co-contribution
$34,488 or less  Nil  $500
$34,488 to $49,488  (TI – $34,488) x 0.03333  $500 – RI
$49,488 or more Nil Nil

***   Payment rate is 50 cents for every dollar of personal contributions made by eligible persons.  The maximum co-contribution available is $500.  Total Income (TI) is assessable income plus reportable fringe benefits plus reportable employer super contributions, less business deductions (other than for work-related expenses or personal super contributions.)

Low Income Superannuation Contribution (LISC)

Adjusted taxable income       Contribution amount
$37,000 or less 15% of concessional contributions (subject to a maximum LISC of $500)
$37,001 or more Nil

Super Lump Sum Benefits

Low rate cap $185,000
Untaxed plan cap $1.355 million

Minimum and maximum percentage factors

These percentage factors apply to account-based pensions (including transition to retirement pensions), allocated and market linked pensions for 2014-15.

Age of recipient % factor
Under age 65 4%
65 to 74 5%
75 to 79 6%
80 to 84 7%
85 to 89 9%
90 to 94 11%
95 and older 14%

Tax Free part of genuine redundancy and early retirement scheme payments

First year For each completed base benefit year of service
$9,514 $4,758

Termination Payments

ETP cap amount $185,000

For more information on this subject feel free to get in touch with us click here.

To read more about our specialised service offers for SMSF, please click here.

Disclaimer and Warning
The information above is of a general nature only. It should not be used as a source to make financial decisions. It’s also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status. We recommend that if you are looking for advice on this matter, you should contact us.