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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Changes to non-concessional super contributions

Posted on Jun 6, 2014 by CFL Financial

Non-concessional contributions to superannuation are contributions that are made from your income after tax. In the 2013-14 financial year the cap on non-concessional super contributions was $150 000, with contributions exceeding this being taxed at 46.5%. As non-concessional contributions to super have already been taxed this meant that contributions exceeding the cap were potentially being taxed at 93%.

Many Australians over the age of 60 were making substantial contributions to their super in order to take advantage of the tax breaks and accidentally exceed the cap.

In the 2014-2015 financial year, the cap on non-concessional super contributions will be raised to $180 000. The government has also announced that it will lift the non-concessional contributions tax. Individuals may withdraw their excess contributions, along with any earnings, and have these taxed at their usual marginal tax rate. This will apply to excess contributions made after 1 July 2013.

Further details of the plan have not yet been decided, as the government is consulting with the superannuation industry.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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