Changes to contributions caps
The existing transitional $50,000 concessional contributions cap for people who are aged 50 or over ended on 30 June 2012.
For the 2012/13 and 2013/14 financial years, the general $25,000 concessional contributions cap will apply to everyone.
From 1 July 2014, the Government intends to allow people aged 50 and over with super balances below $500,000 to make up to $25,000 more in concessional contributions than allowed under the general concessional contributions cap.
Contributions counted against your concessional contributions cap include:
• employer contributions including Superannuation Guarantee, Award, employer voluntary, and salary sacrifice contributions
• personal contributions for which you claim a personal tax deduction.
Want to know more?
For more information on contributions caps in superannuation and the consequences for exceeding these caps please refer to the ATO website.
BT Funds Management Limited ABN 63 002 916 458 is the issuer of interests in the BT Super for Life which is a part of Retirement Wrap ABN 39 827 542 991, RSE R1001327. A Product Disclosure Statement (PDS) and Financial Services Guide (FSG) is available by calling 1300 653 553. You should obtain and consider the PDS and FSG before deciding whether to acquire, continue to hold or dispose of interests in the Fund. An investment in BT Super for Life is not an investment in, deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141 (Westpac), St. George Bank or BankSA (which are Divisions of Westpac), or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Neither Westpac nor any other company in the Westpac Group has issued, stands behind or otherwise guarantees the capital value or investment performance of BT Super for Life.