With all the noise surrounding the 2014 Federal Budget, this summary should help you easily understand your superannuation contribution limits.
For 2014/15 people who are age 49 or older as at June 30, 2014 have a $35,000 cap
For everyone under the age of 49 at June 30, 2014, the maximum deductible contribution is $30,000 (Up from$25,000 in the 2013-14 financial year)
The new non-concessional cap for the 2014-15 financial year is $180,000. (Up from $150,000 in the 2013-14 financial year)
The $540,000 bring forward cap will be the limit for 2014/15 and later financial years. the client is limited by the bring forward cap in the year in which they trigger the bring forward rule.
If you do have any questions in relation to the above, please feel free to call us on 03 9596 7733
LifeTime Financial Group.
An independently owned Melbourne based Financial Planning Group .