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Superannuation Tax Rates and Thresholds

07 Apr Superannuation Tax Rates and Thresholds

Posted at 16:16h in Mentoring News by sean

This week’s technical update will cover: Superannuation Tax Rates and Thresholds.

The ATO updated key superannuation rates and thresholds on 1 March 2016:

Contribution Caps: The general concessional contributions cap is $30,000 for 2016-17 (unchanged from 2015-16). Note the higher temporary concessional cap of $35,000 (not indexed) applies for those aged 49 years or over on 30 June. The non-concessional contributions cap is unchanged at $180,000 for 2016-17 (or $540,000 under the bring-forward rule over 3 years). The CGT cap amount for non-concessional contributions is $1.415m for 2016-17 (up from $1.395m).

Super Guarantee: ‘maximum contribution base’ is $51,620 per quarter for 2016-17.

Co-Contribution: ‘lower income threshold’ is $36,021 for 2016-17; ‘higher income threshold’ is $51,021.

Super Benefits: the following thresholds apply for 2016-17:

  • Superannuation lump sum low rate cap – $195,000 (unchanged from 2015-16); untaxed plan cap – $1.415m.
  • ETP cap amount – $195,000 (unchanged)
  • Genuine redundancy and early retirement payments – tax-free amounts: base amount – $9.936; service amount – $4,969.(published by Class on 24/03/2016).

As always, if you have any questions regarding this update or anything else related to your SMSF, please contact us.

Happy Investing.