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Demir & Co - News
Friday, 05 July 2013 01:06

Super News Update

On 24 June the Senate passed legislation with respect to some key superannuation measures around contributions.

Concessional contributions
 
For the 2013/14 financial year, Australians who are 60 and over will have access to a higher concessional contribution cap of $35,000. This will be extended to people 50 and over in the following financial year. 

 

2012/2013

2013/2014

2014/2015

Less than 50 yrs

$25,000

$25,000

$25,000

50-60

$25,000

$25,000

$35,000

60+

$25,000

$35,000

$35,000

The Senate also passed legislation that effectively puts in place a 30% contributions tax rate for Australians earning over $300K, which is effective for the 2012/13 tax year.
 
This relates to individuals with combined income and concessionally taxed contributions exceeding $300K. Concessional contributions made to a complying superannuation fund will be taxed at 15% as standard inside the fund. The additional 15% tax is on the amount of combined income and contributions that exceeds $300,000.

Published in Superannuation
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