What about the $45,000 increase?
27 June 2008
Does the $45,000 increase in the CGT contributions cap apply even if I made a $1m contribution before 30 June 2007?
The CGT contributions cap and the $1m cap which applied to non-concessional contributions made in the period 10 May 2006 to 30 June 2007 are separate caps.
Even if you fully utilised the once off opportunity of making 1m of non-concessional contributions before 30 June 2007, these contributions are not counted for the purposes of the CGT contributions cap. Consequently, you could still be eligible to make CGT contributions.
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