Home >  Blog >  Contribution caps to remain unchanged

Contribution caps to remain unchanged

Posted by medicalfinancial on 22 March 2012

The Tax and Superannuation Laws Amendment (2012 Measures No 1) Bill introduced on 1st March 2012 contains a number of super measures including the following:

  • The concessional contribution cap will be stay at $25,000 for the 2013 and 2014 tax years.
  • This means the non-concessional cap will not be indexed either
  • Persons over the age of 50 with super balances of less than $500,000 will still retain the concessional cap of $50,000 pa, so some good news for people in this position.

The intention to freeze contribution caps for the next two financial years highlights again the need to maximise concessional and non concessional cap opportunity during your working life. Developing good financial behaviours early has never been more important.   

Interestingly, a further measure introduced to allow eligible persons to have excess concessional contributions of up to $10,000 from 1 July 2011 refunded and assessed as income rather than subject to excess benefits tax could provide options for clients who overfund their concessional cap by a small amount.

Author: medicalfinancial

Post comment

Latest News

View all news

When self-help is not a one-person job

Posted by Sean O'Kane & Neal Durling on 22 February 2019
There are times in life when you're better off not putting your head above the p...

Kicking goals | The important step you're missing to achieve financial freedom

Posted by Neal Durling on 18 September 2018
Getting on top of your finances and working to build your personal wealth is an impo...

Money management 101

Posted by Sean O'Kane on 16 August 2018
When it comes to keeping on top of your personal finances, it can be easy to overthi...
< Previous | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Next >


For Events and News