Superannuation rates and thresholds for 2015/16, 02 March 2015

The ATO has released the key superannuation rates and thresholds for the 2015/16 year. These rates and thresholds have been indexed in accordance with the average weekly ordinary time earnings figures released by the Australian Bureau of Statistics.

The key superannuation rates and thresholds include the following:

  • concessional contributions cap — the general concessional contributions cap is $30,000 for the 2015/16 year. A higher cap of $35,000 applies to those aged 49 years or over on 30 June 2014;
  • non-concessional contributions cap — the non-concessional contributions cap is id=”mce_marker”80,000 for the 2015/16 year (for under the bring forward rules, the cap is $540,000 over a three year period);
  • CGT cap amount — the CGT cap amount for non-concessional contributions is id=”mce_marker”,395,000;
  • superannuation guarantee — the maximum super contribution base for 2015/16 is $50,810 per quarter;
  • superannuation co-contribution — the maximum superannuation co-contribution entitlement for the 2015/16 year remains at $500. However, the lower income threshold increases to $35,454 and the higher income threshold increases to $50,454 for the 2015/16 year;
  • superannuation benefit caps — the [beneficiary tax] low rate cap amount for 2015/16 is id=”mce_marker”95,000. The untaxed plan cap amount for 2015/16 is id=”mce_marker”,395,000;
  • employment termination payments (ETP) — the ETP cap amount for life benefit termination payments and death benefit termination payments for 2015/16 is id=”mce_marker”95,000; and
  • tax-free part of genuine redundancy payments and early retirement scheme payments — for genuine redundancy and early retirement scheme payments for 2015/16, the base limit is $9,780 and, for each complete year of service, $4,891.

Source: Tax Office website, “Key superannuation rates and thresholds”, 27 February 2015.

[IT, 2/3/15]