If Megan is 64
She can contribute the following:
- Up to $35,000 as a concessional contribution i.e. before tax as a salary sacrifice (this cap includes any Super Guarantee contributions)
- Up to $180,000 non-concessional contribution i.e. after tax. As she is under 65 Megan can access the three year bring forward rule. The bring forward rule allows you to contribute three years of non-concessional contributions in one year i.e. $540,000. However if she contributes the $540,000 she is unable to make non-concessional contributions for the next two years.
She can contribute the following provided she meets the work test:
- Up to $35,000 as a concessional contribution (as above)
- Up to $180,000 non-concessional contribution.
Note: For those aged 49 or younger on 1 July 2014 the concessional contribution limit is $30,000 per annum.
If you have questions please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 for an initial consultation.
We service clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.
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