The ATO has announced the following changes to the superannuation contributions caps.
Concessional contributions cap
These include:
- Employer contributions (including those under a salary sacrifice arrangement); and
- Personal contributions claimed as a tax deduction by a self-employed person.
The amount of the cap will be increased from $25,000 in 2013/14 to $30,000 in 2014/15.
Non-concessional contributions cap
Non-concessional contributions include personal contributions for which taxpayers do not claim an income tax deduction.
The amount of the cap will be increased from $150,000 in 2013/14 to $180,000 in 2014/15.
