|
New Superannuation Rates and Thresholds |
The following are the new rates and thresholds that apply from 01 July 2009 in relation to superannuation contributions and benefits, employment termination payments, superannuation guarantee and co-contributions.
Superannuation from 01 July 2009 Note that some of the changes announced in the May Budget have not yet become law, but they have been included in this summary on the assumption that they will be passed.Concessional Contributions Caps Concessional Contributions include employer Contributions (including contributions made under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by a self-employed person. Between 01 July 2007 and 30 June 2012, a transitional concessional contributions cap applies for people aged 50 and over. Below are the caps for 2009/10.
| Age |
Amount of Cap |
| <50 years of age |
$25,000 |
| 50 to 74 |
$50,000 | Non-Concessional Contributions Caps The cap on non-concessional contributions, including personal contributions for which taxpayers do not claim an income tax deduction, for 2009/10 is set out below.
| Income Year |
Amount of Cap |
| 2009/10 |
$150,000 or $450,000 over 3 years | Superannuation Co-contribution If an individual’s income is eligible for the co-contribution and they make personal superannuation contributions, the government will match each $1 contributed with a “co-contribution” of $1. The maximum contribution is $1,000 (down from $1,500 in 2008/09).
| Income Year |
Total Income |
Calculation of maximum Co-contribution |
| 2009/10 |
0-31,920 31,921 – 61,919 61,920+ |
$1,000 $1,000 – [3.333% x (total Income - $31,920)] Nil | |
