Superannuation Updates FY 2015

Excess Contributions Tax

Any excess contributions made after 1 July 2013
breaching the non concessional cap can be withdrawn by
individuals including the associated earnings.

If an individual chooses this option no excess
contributions tax will be payable.

The earnings will be assessed as part of the individuals
assessable income and taxed at their marginal tax rate.

The individuals who leave their excess contributions in
the fund will continue to be taxed at the top marginal rate.

Superannuation Guarantee

Increase in Superannuation Guarantee Rate has been

Instead of pausing the rate at 9.25% as previously
announced the Superannuation Guarantee Rate will
now increase to 9.50% from 1 July 2014.

The rate will remain at 9.50% until 2018 after which it will
increase by 0.5 percentage points until it reaches 12% in

Previously was scheduled to reach 12% from 1 July 2019.

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