Be ready for raised caps on 1 July

SMSF technical expert and columnist for The Australian newspaper
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The indexing of super contribution caps and benefit thresholds on July 1 will be particularly welcome this year as it’s effectively the first time these caps have been indexed since 2007.

However if you want to make super contributions, especially non-concessional contributions in the near future then you will need to plan carefully. Non-concessional contributions are mainly personal super contributions not claimed as a tax deduction.

Concessional contribution caps for 2014/15

If you’re aged at least 49 on 30 June 2014 you’ll have a concessional contribution cap of $35,000 in the 2014/15 financial year.

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