Thomson Reuters has used the latest AWOTE details (ABS Catalogue no: 6302.0) to calculate the following superannuation rates and thresholds for 2015-16 in compliance with ss 960-265, 960-275 and 960-285 of the ITAA 1997. However, all figures should be confirmed against the Tax Office Website document, Key superannuation rates and thresholds.
CONTRIBUTIONS CAPS:
- The general concessional contributions cap is $30,000 for 2015-16 (unchanged from 2014-15). 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 id=”mce_marker”80,000 for 2015-16 (or $540,000 under the bring-forward rule over 3 years).
- The CGT cap amount for non-concessional contributions is id=”mce_marker”.395m for 2015-16 (up from id=”mce_marker”.355m).
SUPER GUARANTEE: “maximum contribution base” is $50,810 per quarter for 2015-16.
CO-CONTRIBUTION: “lower income threshold” is $35,454 for 2015-16; “higher income threshold” is $50,454.
SUPER BENEFITS: the following thresholds have been increased for 2015-16:
- Superannuation lump sum low rate cap – id=”mce_marker”95,000 (up from id=”mce_marker”85,000); untaxed plan cap – id=”mce_marker”.395m.
- ETP cap amount – id=”mce_marker”95,000.
- Genuine redundancy and early retirement payments – tax-free amounts: base amount – $9,780; service amount – $4,891.
[LTN 39, 2/15]