Superannuation contribution limits will increase from 1 July 2014, with the increase depending on your age as at 30 June 2014.

In the 2014/15 financial year the concessional (deductible) contribution cap for people 49 and over as at 30 June 2014 will be $35,000 (it was also $35,000 in 2013/14, but only for those aged 59 and over at 30 June 2013)

The general concessional contribution cap for younger Australians increases from $25,000 for those aged under 59 at 30 June 2013 to $30,000 for those aged under 49 at 30 June 2014.

By virtue of the fact that the non-concessional (undeducted) contribution cap is 6 times that of the general concessional cap, this cap will increase to $180,000 from 1 July 2014 regardless of age. Similarly, the current 3 year "bring forward" rule for undeducted contributions for people under 65, which allows contributions up to $450,000 in a three year period, will increase to $540,000.

To put this into perspective, a couple aged in their 50s may be able to contribute $1,150,000, (being 2 non-concessional contributions of $540,000 and two concessional contributions of $35,000) without breaching their cap.

Financial Year

General Concessional Contribution Cap#

Contribution Cap for older contributors*

Non Concessional Contribution Cap

3 year "bring forward" Contribution Cap

2013/14

$25,000

$35,000

$150,000

$450,000

2014/15

$30,000

$35,000

$180,000

$540,000

# Members under 59 at 30 June 2013 and people under 49 at 30 June 2014

*Members over 59 at 30 June 2013 and over 49 at 30 June 2014.