On 22 February 2018, The Australian Bureau of Statistics released their Nov 2017 Average Weekly Earnings figures (ABS Catalogue no: 6302.0), which include those for ‘ordinary time earnings’ (AWOTE). This allows the 2018/19 superannuation related thresholds to be calculated, under Subdiv 960-M of the ITAA 1997.

CONTRIBUTIONS CAPS:

  • The concessional contributions cap is $25,000 for 2018-19 (unchanged from 2017-18).
  • The non-concessional contributions cap is unchanged at $100,000 for 2018-19 (or $300,000 under the bring-forward rule over 3 years, subject to transitional rules).

SUPER GUARANTEE: “maximum contribution base” is $54,030 per quarter from 2018-19 (up from $52,760).

CO-CONTRIBUTION: “lower income threshold” is $37,697 for 2018-19; “higher income threshold” is $52,697.

SUPER BENEFITS: The following indexed thresholds apply for 2018-19:

  • Lump sum low rate cap – $205,000 (up from $200,000); Untaxed plan cap – $1.480m (up from $1.445m).
  • ETP cap amount – $205,000 (up from $200,000).
  • Genuine redundancy and early retirement payments – tax-free amounts: base amount – $10,399 (up from $10,155); service amount – $5,200 (up from $5,078).

PENSION CAP: The general transfer balance cap is $1.6m for 2018-19 (unchanged from 2017-18). This also means that the “defined benefit income cap” of $100,000 pa is unchanged for 2018-19.

[LTN 40, 28/2/18; Tax Month February 2018]

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