Key superannuation rates and thresholds
Key superannuation rates and thresholds
These are the key rates and thresholds that apply in relation to contributions and benefits, employment termination payments, super guarantee and co-contributions.
Concessional contributions include:
- employer contributions (including contributions made under a salary sacrifice arrangement)
- personal contributions claimed as a tax deduction by a self-employed person.
Income year
|
Amount of cap
|
2013-14
|
$25,000
|
2012-13
|
$25,000
|
2011-12
|
$25,000
|
2010-11
|
$25,000
|
2009-10
|
$25,000
|
2008-09
|
$50,000
|
2007-08
|
$50,000
|
In accordance with section 960-285 of the Income Tax Assessment Act 1997 (ITAA 1997), the concessional contributions cap is indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $5,000 (rounded down). The new indexed amount is generally available each February.
|
Parliament recently passed legislation to pause the indexation of the concessional contributions cap at $25,000 up to and including the 2013-14 year. Normal indexation resumes for the 2014-15 year.
|
Concessional contributions cap for people 50 years old or over up to 30 June 2012
From 1 July 2012, all individuals have a concessional contributions cap of $25,000.
An increased concessional contributions cap applied until 30 June 2012 for people who were 50 years old or over:
- If you were 50 years old or over, your annual cap for the 2007-08 and 2008-09 financial years was $100,000.
- If you were 50 years old or over, your annual cap for the 2009-10, 2010-11 and 2011-12 financial years was $50,000.
If you had more than one fund, all concessional contributions made to all your funds were added together and counted towards the cap. This cap was not indexed.
|
From 1 July 2012, all individuals have a concessional contributions cap of $25,000.
The government has announced changes that, if passed by parliament, will increase the concessional contributions cap to $50,000 for individuals who have total super balances below $500,000 and are 50 years old or over. However, this possible future change has been deferred until 1 July 2014. We will publish updated guidance if these announced changes become law.
|
Non-concessional contributions include personal contributions for which you do not claim an income tax deduction.
Income year
|
Amount of cap
|
2013-14
|
$150,000
|
2012-13
|
$150,000
|
2011-12
|
$150,000
|
2010-11
|
$150,000
|
2009-10
|
$150,000
|
2008-09
|
$150,000
|
2007-08
|
$150,000
|
In accordance with subsection 292-85(2) of the ITAA 1997, the non-concessional cap for an income year is a multiple of the concessional contributions cap. The new indexed amount is generally available each February.
People under 65 years old may be able to make non-concessional contributions of up to three times their non-concessional contributions cap over a three-year period. This is known as the 'bring-forward' option.
The bring-forward cap is three times the non-concessional contributions cap of the first year. If you brought forward your contributions in 2007-08, it would be 3 x $150,000 = $450,000.
Transitional arrangement for the non-concessional contributions cap between 10 May 2006 and 30 June 2007
Between 10 May 2006 and 30 June 2007, you could contribute up to $1 million of non-concessional contributions to your super fund. This limit was referred to as the transitional non-concessional contributions cap. If you had more than one fund, all non-concessional contributions made to all your funds were added together and counted towards the cap.
However, the following contributions were excluded from the $1 million transitional non-concessional contributions cap:
- contributions arising from personal injury payments
- up to $1 million of contributions derived from the disposal of certain small business assets - these contributions were subject to the capital gains tax (CGT) cap.
Under the CGT cap, you can during your lifetime exclude non-concessional super contributions from the non-concessional contributions cap up to the CGT cap amount. The CGT cap applies to all excluded CGT contributions, whether they were made between 10 May 2006 and 30 June 2007 or after 30 June 2007.
Income year
|
Amount of cap
|
2013-14
|
$1,315,000
|
2012-13
|
$1,255,000
|
2011-12
|
$1,205,000
|
2010-11
|
$1,155,000
|
2009-10
|
$1.1 million
|
2008-09
|
$1.045 million
|
2007-08
|
$1 million
|
In accordance with section 960-285 of the ITAA 1997, the CGT cap amount is indexed in line with AWOTE, in increments of $5,000 (rounded down). The new indexed amount is generally available each February.
Low rate cap amount
The application of the low rate threshold for super lump sum payments is capped. The low rate cap amount is reduced by any amount previously applied to the low rate threshold.
Income year
|
Amount of cap
|
2013-14
|
$180,000
|
2012-13
|
$175,000
|
2011-12
|
$165,000
|
2010-11
|
$160,000
|
2009-10
|
$150,000
|
2008-09
|
$145,000
|
2007-08
|
$140,000
|
In accordance with section 960-285 of the ITAA 1997, the low rate cap amount is indexed in line with AWOTE, in increments of $5,000 (rounded down). The new indexed amount is generally available each February.
The untaxed plan cap amount limits the concessional tax treatment of benefits that have not been subject to contributions tax in a super fund. The untaxed plan cap amount applies to each super plan from which a person receives super lump sum member benefits.
Income year
|
Amount of cap
|
2013-14
|
$1,315,000
|
2012-13
|
$1,255,000
|
2011-12
|
$1,205,000
|
2010-11
|
$1,155,000
|
2009-10
|
$1.1 million
|
2008-09
|
$1.045 million
|
2007-08
|
$1 million
|
In accordance with section 960-285 of the ITAA 1997, the untaxed plan cap amount is indexed in line with AWOTE, in increments of $5,000 (rounded down). The new indexed amount is generally available each February.
Once you start a pension or annuity on or after 1 July 2007, a minimum amount is required to be paid each year. There is no maximum amount other than the balance of your super account, unless it is a transition to retirement pension in which case the maximum amount is 10% of the account balance.
The minimum payment amounts have been halved for certain pensions and annuities for the 2008-09, 2009-10 and 2010-11 years and reduced by 25% for the 2011-12 and 2012-13 years. The reductions in these years apply only to account-based pensions and annuities (allocated pensions and annuities and market-linked pensions and annuities). The following table shows the minimum percentage factor (indicative only) for each age group.
Age
|
Minimum % withdrawal for the 2008-09, 2009-10 and 2010-11 years for certain pensions and annuities
|
Minimum % withdrawal for the 2011-12 and 2012-13 years for certain pensions and annuities
|
Minimum % withdrawal (in all other cases)
|
Under 65
|
2%
|
3%
|
4%
|
65-74
|
2.5%
|
3.75%
|
5%
|
75-79
|
3%
|
4.5%
|
6%
|
80-84
|
3.5%
|
5.25%
|
7%
|
85-89
|
4.5%
|
6.75%
|
9%
|
90-94
|
5.5%
|
8.25%
|
11%
|
95 or more
|
7%
|
10.5%
|
14%
|
|
Note that these withdrawal factors are indicative only. To determine the precise minimum annual payment (especially for market linked income streams), see the pro-rating, rounding and other rules in the Superannuation Industry (Supervision) Regulations 1994.
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Generally, you must reach preservation age before you can access your super. Use the following table to work out your preservation age.
Date of birth
|
Preservation age
|
Before 1 July 1960
|
55
|
1 July 1960 - 30 June 1961
|
56
|
1 July 1961 - 30 June 1962
|
57
|
1 July 1962 - 30 June 1963
|
58
|
1 July 1963 - 30 June 1964
|
59
|
From 1 July 1964
|
60
|
Income component derived in the income year
|
Age at the date payment is received
|
Amount subject to tax
|
Maximum rate of tax (including Medicare levy)
|
Member benefit - taxable component - taxed element
|
Under preservation age
|
Whole amount
|
21.5%
|
At or above preservation age and under 60
|
Amount up to the low rate cap amount
|
Nil
|
Amount above the low rate cap amount
|
16.5%
|
Aged 60 or above
|
Nil - amount is non-assessable and non-exempt income
|
N/A
|
Member benefit - taxable component - untaxed element
|
Under preservation age
|
Amount up to untaxed plan cap amount
|
31.5%
|
Amount above untaxed plan cap amount
|
46.5%
|
At or above preservation age and under 60
|
Amount up to the low rate cap amount
|
16.5%
|
Amount above the low rate cap amount and up to the untaxed plan cap amount
|
31.5%
|
Amount above the untaxed plan cap amount
|
46.5%
|
Aged 60 or above
|
Amount up to the untaxed plan cap amount
|
16.5%
|
Amount above the untaxed plan cap amount
|
46.5%
|
Death benefit lump sum benefit paid to non-dependants - taxable component - taxed element
|
Any
|
Whole amount
|
16.5%
|
Death benefit lump sum benefit paid to non-dependants - taxable component - untaxed element
|
Any
|
Whole amount
|
31.5%
|
Death benefit lump sum benefit paid to dependants - taxable component - taxed and untaxed elements
|
Any
|
None
|
Nil
|
Rollover super benefits - taxable component - taxed element
|
Any
|
Nil - amount is non-assessable and non-exempt income
|
N/A
|
Rollover super benefits - taxable component - untaxed element
|
Any
|
Amount up to the untaxed plan cap amount is non-assessable income and is non-exempt income
|
N/A
|
Amount above the untaxed plan cap amount
|
46.5%
|
Super lump sum benefits less than $200
|
Any
|
None
|
Nil
|
Super lump sum benefit (terminally ill recipient)
|
Any
|
None
|
Nil
|
|
In the 2011-12 income year the flood levy may apply where an individual's taxable income exceeds $50,000. We have published information to help you work out if the flood levy applies to you.
|
Element taxed in the fund of a super income stream
The table below summarises the taxation of a super income stream paid with an element taxed in the fund.
The tax-free component is not included. This component is not assessable and not exempt income in all cases.
Age of recipient
|
Income stream
|
Age 60 or above
|
Not assessable, not exempt income
|
At or above preservation age and under 60
|
Taxed at marginal tax rates
Tax offset of 15% is available
|
Under preservation age
|
Taxed at marginal tax rates, with no tax offset
Tax offset of 15% is available if a disability super benefit
|
|
Medicare levy (1.5%) will apply if amounts are assessable.
|
|
In the 2011-12 income year the flood levy may apply where an individual's taxable income exceeds $50,000. We have published information to help you work out if the flood levy applies to you.
|
Element untaxed in the fund of a super income stream
The table below summarises the taxation of a super member income stream paid with an element untaxed in the fund.
The tax-free component is not included. This component is not assessable and not exempt income in all cases.
Age of recipient
|
Income stream
|
60 years old or over
|
Taxed at marginal rates, with a 10% tax offset
|
At or above preservation age and under 60
|
Taxed at marginal rates, with no tax offset
|
Under preservation age
|
Taxed at marginal rates, with no tax offset
|
|
Medicare levy (1.5%) will apply to assessable amounts.
|
|
In the 2011-12 income year the flood levy may apply where an individual's taxable income exceeds $50,000. We have published information to help you work out if the flood levy applies to you.
|
The prescribed life tables referred to in section 27H of the Income Tax Assessment Act 1936 can be obtained from the Australian Government Actuary website at www.aga.gov.au/publications/#life_tables
An employment termination payment (ETP) is a payment made in consequence of the termination of employment. It can include:
- amounts for unused rostered days off
- amounts in lieu of notice
- a gratuity or 'golden handshake'
- an employee's invalidity payment (for permanent disability, other than compensation for personal injury)
- certain payments after the death of an employee.
ETPs do not include:
- a payment for unused annual leave or unused long service leave
- the tax-free part of a genuine redundancy payment or an early retirement scheme payment.
The amount up to the ETP cap amount will be taxed at a concessional rate. The amount in excess of the ETP cap amount will be taxed at the top marginal rate.
Income year
|
Amount of cap
|
2013-14
|
$180,000
|
2012-13
|
$175,000
|
2011-12
|
$165,000
|
2010-11
|
$160,000
|
2009-10
|
$150,000
|
2008-09
|
$145,000
|
2007-08
|
$140,000
|
In accordance with section 960-285 of the ITAA 1997, the ETP cap amount is indexed in line with AWOTE, in increments of $5,000 (rounded down). The new indexed amount is generally available each February.
Income year
|
Amount of cap
|
2013-14
|
$180,000
|
2012-13
|
$175,000
|
2011-12
|
$165,000
|
2010-11
|
$160,000
|
2009-10
|
$150,000
|
2008-09
|
$145,000
|
2007-08
|
$140,000
|
In accordance with section 960-285 of the ITAA 1997, the ETP cap amount is indexed in line with AWOTE, in increments of $5,000 (rounded down). The new indexed amount is generally available each February.
Transitional arrangements applied if you were entitled, as at 9 May 2006, to a payment made on the termination of employment under:
- a written contract
- an Australian or foreign law (or an instrument under such a law)
- a workplace agreement under the Workplace Relations Act 1996.
Employment termination payments made after 30 June 2007 (other than those made under the transitional arrangements) can not be contributed to or rolled over into super.
The taxable component of a transitional termination payment will be taxed at:
- no more than 15% up to the lower cap amount
- no more than 30% on the amount which exceeds the lower cap amount but does not exceed the upper cap amount
- the top marginal rate for amounts in excess of the upper cap amount.
Income year
|
Lower cap amount
|
Upper cap amount
(not indexed)
|
2011-12
|
$165,000
|
$1 million
|
2010-11
|
$160,000
|
$1 million
|
2009-10
|
$150,000
|
$1 million
|
2008-09
|
$145,000
|
$1 million
|
2007-08
|
$140,000
|
$1 million
|
In accordance with section 82-10B of the Income Tax (Transitional Provisions) Act 1997 (ITTPA 1997), the lower cap amount in relation to a transitional termination payment received in an income year is the same as the ETP cap amount for the year (which is generally available each February). In accordance with section 82-10D of the ITTPA 1997, the upper cap amount in relation to a transitional termination payment received in an income year is $1 million. Both the lower cap amount and the $1 million upper cap amount are reduced by all amounts received by the person that have previously used the transitional termination payments concession.
Transitional arrangements in relation to termination payments ceased to apply from 1 July 2012.
This table shows the limit set for genuine redundancy and early retirement scheme payments. For earlier years, see Tax-free part of bona fide redundancy payments and approved early retirement scheme payments limits.
Income year
|
Base limit
|
For each complete year of service
|
2012-13
|
$8,806
|
$4,404
|
2011-12
|
$8,435
|
$4,218
|
2010-11
|
$8,126
|
$4,064
|
2009-10
|
$7,732
|
$3,867
|
2008-09
|
$7,350
|
$3,676
|
2007-08
|
$7,020
|
$3,511
|
In accordance with section 960-275 of the ITAA 1997, the base limit and service amount is indexed in line with AWOTE each income year. The new indexed amount is generally available each May.
Income component derived in the income year
|
Age at the end of the income year in which the payment is received
|
Component subject to tax
|
Maximum rate of tax (including Medicare levy)
|
Life benefit ETP -taxable component
|
Under preservation age
|
Amount up to the ETP cap amount
|
31.5%
|
At or above preservation age
|
Amount up to the ETP cap amount
|
16.5%
|
All ages
|
Amount above the ETP cap amount
|
46.5%
|
Transitional ETP - taxable component
|
Under preservation age
|
Amount up to the upper cap amount
|
31.5%
|
At or above preservation age
|
Amount up to the lower cap amount
|
16.5%
|
Amount above the lower cap amount up to upper cap amount
|
31.5%
|
All ages
|
Amount above the upper cap amount
|
46.5%
|
Death benefit ETP paid to non-dependants -taxable component
|
All ages
|
Amount up to the ETP cap amount
|
31.5%
|
Amount above the ETP cap amount
|
46.5%
|
Death benefit ETP paid to dependants - taxable component
|
All ages
|
Amount up to ETP cap amount is non-assessable and non-exempt income
|
Nil
|
Amount above the ETP cap amount
|
46.5%
|
|
In the 2011-12 income year the flood levy may apply where an individual's taxable income exceeds $50,000. We have published information to help you work out if the flood levy applies to you.
|
The super guarantee requires employers to provide sufficient super support for their employees. You are obliged to contribute a minimum percentage of each eligible employee's earnings (from 1 July 2008 this is standardised to ordinary time earnings) to a complying super fund or retirement savings account (RSA).
Period
|
Super guarantee rate (charge percentage)
|
1 July 2003 - 30 June 2013
|
9%
|
1 July 2013 - 30 June 2014
|
9.25%
|
1 July 2014 - 30 June 2015
|
9.5%
|
1 July 2015 - 30 June 2016
|
10%
|
1 July 2016 - 30 June 2017
|
10.5%
|
1 July 2017 - 30 June 2018
|
11%
|
1 July 2018 - 30 June 2019
|
11.5%
|
1 July 2019 - 30 June 2020 and onwards
|
12%
|
|
If you need percentages for years prior to 2002-03, refer to former sections 20 and 21 of the Superannuation Guarantee (Administration) Act 1992, available from the Legal Database.
|
Your contributions need to be made on at least a quarterly basis.
Quarter
|
Period
|
1
|
1 July - 30 September
|
2
|
1 October - 31 December
|
3
|
1 January - 31 March
|
4
|
1 April - 30 June
|
Quarter
|
Period
|
The maximum super contribution base is used to determine the maximum limit on any individual employee's earnings base for each quarter of any financial year. You do not have to provide the minimum support for the part of earnings above this limit.
Income year
|
Per quarter
|
2012-13
|
$45,750
|
2011-12
|
$43,820
|
2010-11
|
$42,220
|
2009-10
|
$40,170
|
2008-09
|
$38,180
|
2007-08
|
$36,470
|
2006-07
|
$35,240
|
2005-06
|
$33,720
|
2004-05
|
$32,180
|
2003-04
|
$30,560
|
2002-03
|
$29,220
|
2001-02
|
$27,510
|
2000-01
|
$26,300
|
1999-2000
|
$25,240
|
1998-99
|
$24,480
|
1997-98
|
$23,630
|
1996-97
|
$22,590
|
1995-96
|
$21,720
|
1994-95
|
$20,780
|
1993-94
|
$20,160
|
1992-93
|
$20,000
|
In accordance with section 9 of the Superannuation Guarantee (Administration) Act 1992, the maximum super contributions base is indexed in line with AWOTE each income year. The new indexed amount is generally available each May.
The super co-contribution is a helping hand from the Australian Government to assist eligible individuals to save for their retirement. If you are eligible and make personal super contributions during a financial year, the government will match your contribution with a super co-contribution up to certain limits.
Year
|
Maximum entitlement
|
Lower income threshold
|
Higher income threshold
|
2012-13
|
* see the note below next to the danger icon
|
2011-12
|
$1,000
|
$31,920
|
$61,920
|
2010-11
|
$1,000
|
$31,920
|
$61,920
|
2009-10
|
$1,000
|
$31,920
|
$61,920
|
2008-09
|
$1,500
|
$30,342
|
$60,342
|
2007-08
|
$1,500
|
$28,980
|
$58,980
|
2006-07
|
$1,500
|
$28,000
|
$58,000
|
2005-06
|
$1,500
|
$28,000
|
$58,000
|
2004-05
|
$1,500
|
$28,000
|
$58,000
|
2003-04
|
$1,000
|
$27,500
|
$40,000
|
In accordance with section 10A of the Superannuation (Government Co-contributions for Low Income Earners) Act 2003, the lower income threshold is indexed in line with AWOTE each income year. The new indexed amount is generally available each May. However, note that the amounts have been frozen for the 2010-11 and 2011-12 years.
|
The government has announced changes that, if passed by parliament, will apply to all contributions made from 1 July 2012:
- the maximum co-contribution entitlement will be $500
- the matching rate to be reduced to 50%
- the lower income threshold will remain $31,920, and
- the higher income threshold will be reduced to $46,920.
We will publish updated guidance if these announced changes become law.
|
Contributions made in the 2009-10 to 2011-12 years
|
|
If your personal super contribution is:
|
|
|
$1,000
|
$800
|
$500
|
$200
|
And your income is:
|
Your super co-contribution will be:
|
$31,920 or less
|
$1,000
|
$800
|
$500
|
$200
|
$34,921
|
$900
|
$800
|
$500
|
$200
|
$37,921
|
$800
|
$800
|
$500
|
$200
|
$40,921
|
$700
|
$700
|
$500
|
$200
|
$43,922
|
$600
|
$600
|
$500
|
$200
|
$46,922
|
$500
|
$500
|
$500
|
$200
|
$49,922
|
$400
|
$400
|
$400
|
$200
|
$52,922
|
$300
|
$300
|
$300
|
$200
|
$55,923
|
$200
|
$200
|
$200
|
$200
|
$58,923
|
$100
|
$100
|
$100
|
$100
|
$61,920
|
$0
|
$0
|
$0
|
$0
|
Contributions made in the 2008-09 year
|
|
If your personal super contribution is:
|
|
|
$1,000
|
$800
|
$500
|
$200
|
And your income is:
|
Your super co-contribution will be:
|
$30,342 or less
|
$1,500
|
$1,200
|
$750
|
$300
|
$32,342
|
$1,400
|
$1,200
|
$750
|
$300
|
$34,342
|
$1,300
|
$1,200
|
$750
|
$300
|
$36,342
|
$1,200
|
$1,200
|
$750
|
$300
|
$38,342
|
$1,100
|
$1,100
|
$750
|
$300
|
$40,342
|
$1,000
|
$1,000
|
$750
|
$300
|
$42,342
|
$900
|
$900
|
$750
|
$300
|
$44,342
|
$800
|
$800
|
$750
|
$300
|
$46,342
|
$700
|
$700
|
$700
|
$300
|
$48,342
|
$600
|
$600
|
$600
|
$300
|
$50,342
|
$500
|
$500
|
$500
|
$300
|
$52,342
|
$400
|
$400
|
$400
|
$300
|
$54,342
|
$300
|
$300
|
$300
|
$300
|
$56,342
|
$200
|
$200
|
$200
|
$200
|
$58,342
|
$100
|
$100
|
$100
|
$100
|
$60,342
|
$0
|
$0
|
$0
|
$0
|
Contributions made in the 2007-08 year
|
|
If your personal super contribution is:
|
|
|
$1,000
|
$800
|
$500
|
$200
|
And your income is:
|
Your super co-contribution will be:
|
$28,980 or less
|
$1,500
|
$1,200
|
$750
|
$300
|
$30,980
|
$1,400
|
$1,200
|
$750
|
$300
|
$32,980
|
$1,300
|
$1,200
|
$750
|
$300
|
$34,980
|
$1,200
|
$1,200
|
$750
|
$300
|
$36,980
|
$1,100
|
$1,100
|
$750
|
$300
|
$38,980
|
$1,000
|
$1,000
|
$750
|
$300
|
$40,980
|
$900
|
$900
|
$750
|
$300
|
$42,980
|
$800
|
$800
|
$750
|
$300
|
$44,980
|
$700
|
$700
|
$700
|
$300
|
$46,980
|
$600
|
$600
|
$600
|
$300
|
$48,980
|
$500
|
$500
|
$500
|
$300
|
$50,980
|
$400
|
$400
|
$400
|
$300
|
$52,980
|
$300
|
$300
|
$300
|
$300
|
$54,980
|
$200
|
$200
|
$200
|
$200
|
$56,980
|
$100
|
$100
|
$100
|
$100
|
$58,980
|
$0
|
$0
|
$0
|
$0
|
Contributions made in the 2004-05 to 2006-07 years
|
A one-off additional co-contribution doubles the co-contribution paid for the year ended 30 June 2006.
|
|
|
If your personal super contribution is:
|
|
|
$1,000
|
$800
|
$500
|
$200
|
And your income is:
|
Your super co-contribution will be:
|
$28,000 or less
|
$1,500
|
$1,200
|
$750
|
$300
|
$30,000
|
$1,400
|
$1,200
|
$750
|
$300
|
$32,000
|
$1,300
|
$1,200
|
$750
|
$300
|
$34,000
|
$1,200
|
$1,200
|
$750
|
$300
|
$36,000
|
$1,100
|
$1,100
|
$750
|
$300
|
$38,000
|
$1,000
|
$1,000
|
$750
|
$300
|
$40,000
|
$900
|
$900
|
$750
|
$300
|
$42,000
|
$800
|
$800
|
$750
|
$300
|
$44,000
|
$700
|
$700
|
$700
|
$300
|
$46,000
|
$600
|
$600
|
$600
|
$300
|
$48,000
|
$500
|
$500
|
$500
|
$300
|
$50,000
|
$400
|
$400
|
$400
|
$300
|
$52,000
|
$300
|
$300
|
$300
|
$300
|
$54,000
|
$200
|
$200
|
$200
|
$200
|
$56,000
|
$100
|
$100
|
$100
|
$100
|
$58,000
|
$0
|
$0
|
$0
|
$0
|
Contributions made in the 2003-04 year
|
|
If your personal super contribution is:
|
|
|
$1,000
|
$800
|
$500
|
$200
|
And your income is:
|
Your super co-contribution will be:
|
$27,500 or less
|
$1,000
|
$800
|
$500
|
$200
|
$28,000
|
$960
|
$800
|
$500
|
$200
|
$29,000
|
$880
|
$800
|
$500
|
$200
|
$30,000
|
$800
|
$800
|
$500
|
$200
|
$31,000
|
$720
|
$720
|
$500
|
$200
|
$32,000
|
$640
|
$640
|
$500
|
$200
|
$33,000
|
$560
|
$560
|
$500
|
$200
|
$34,000
|
$480
|
$480
|
$480
|
$200
|
$35,000
|
$400
|
$400
|
$400
|
$200
|
$36,000
|
$320
|
$320
|
$320
|
$200
|
$37,000
|
$240
|
$240
|
$240
|
$200
|
$38,000
|
$160
|
$160
|
$160
|
$160
|
$39,000
|
$80
|
$80
|
$80
|
$80
|
$40,000
|
$0
|
$0
|
$0
|
$0
|
From 1 July 2012, the Government provides a low income superannuation contribution (LISC) of up to $500 annually for eligible individuals on adjusted taxable incomes of up to $37,000.
The amount payable under this measure will be calculated by applying a 15 per cent matching rate to concessional contributions made by, or for individuals on adjusted taxable incomes of up to $37,000, with an annual maximum amount payable of $500 (not indexed). The amount will be paid into a superannuation account of the individual to directly boost their retirement savings.
Concessional superannuation contributions made from 1 July 2012 will be eligible for the LISC. The first payments will be made in the 2013-14 income year.
These are some of the rates and thresholds that applied up to 30 June 2007 in relation to super contributions and benefits, employment termination payments, super guarantee and co-contributions.
Up to the 2006-07 income year, super contributions were deductible for income tax purposes in the year you made them, up to certain amounts called the age based limits. The following limits applied to:
- employers and their associates claiming deductions for contributions made for the benefit of an employee
- individuals claiming a deduction for personal super contributions.
Income year
|
Under age 35
|
Age 35 to 49
|
Age 50 to 70
|
2006-07
|
$15,260
|
$42,385
|
$105,113
|
2005-06
|
$14,603
|
$40,560
|
$100,587
|
2004-05
|
$13,934
|
$38,702
|
$95,980
|
2003-04
|
$13,233
|
$36,754
|
$91,149
|
2002-03
|
$12,651
|
$35,138
|
$87,141
|
2001-02
|
$11,912
|
$33,087
|
$82,054
|
2000-01
|
$11,388
|
$31,631
|
$78,445
|
1999-2000
|
$10,929
|
$30,356
|
$75,283
|
1998-99
|
$10,600
|
$29,443
|
$73,019
|
1997-98
|
$10,232
|
$28,420
|
$70,482
|
1996-97
|
$9,782
|
$27,170
|
$67,382
|
1995-96
|
$9,405
|
$26,125
|
$64,790
|
1994-95
|
$9,000
|
$25,000
|
$62,000
|
Deductibility could only be considered where the contribution was paid on or before the 28th day of the month following the month in which the relevant person turned 70 years of age. 'Age' is the person's age at the date the last contribution was made for them for the year.
Contributions paid in any year, after 30 June but before the super guarantee contribution deadline (28 June) for the quarter ending 30 June, cannot be claimed as a deduction until the end of the next financial year. For example, super contributions made on 30 June 2005 can be claimed as a deduction in the 2004-05 year. Contributions made on 28 July 2005 can be claimed as a deduction in the 2005-06 year.
Up to 30 June 2007, the rules governing allocated pensions allowed for payments between the minimum and maximum limits. To obtain the limits, the pension account balance was divided by each of the maximum and the minimum pension valuation factors in the schedule matching the recipient's age.
The table below is an extract from Schedule 1AAB of SISR which sets out the maximum and minimum pension valuation factors for pensions commencing from 1 January 2006.
Age of beneficiary
|
Maximum pension valuation factor
|
Minimum pension valuation factor
|
63
|
10.3
|
18.1
|
64
|
10.1
|
17.7
|
65
|
9.9
|
17.3
|
66
|
9.6
|
16.8
|
67
|
9.3
|
16.4
|
68
|
9.1
|
16.0
|
For pensions that commenced before 1 January 2006, different pension valuation factors apply. Transitional rules also applied for the period between 1 January 2006 and 30 June 2006.
The tables below set out the maximum and minimum pension valuation factors used to calculate maximum and minimum payment limits for pensions and annuities.
Table 1: Pension valuation factors for pensions that started on or after 1 January 2006
|
Transitional rules apply to new pensions that start from 1 January 2006 to 30 June 2006. During this time, funds may apply the new or the previous pension valuation factor rates (but only to new pensions). For more information, see Pension standards for self-managed super funds.
|
Age of beneficiary
|
Maximum pension valuation factor
|
Minimum pension valuation factor
|
20 or less
|
12.0
|
29.2
|
21
|
12.0
|
29.0
|
22
|
12.0
|
28.9
|
23
|
12.0
|
28.7
|
24
|
12.0
|
28.6
|
25
|
12.0
|
28.4
|
26
|
12.0
|
28.3
|
27
|
12.0
|
28.1
|
28
|
12.0
|
27.9
|
29
|
12.0
|
27.8
|
30
|
12.0
|
27.6
|
31
|
12.0
|
27.4
|
32
|
12.0
|
27.2
|
33
|
12.0
|
27.0
|
34
|
12.0
|
26.8
|
35
|
12.0
|
26.6
|
36
|
12.0
|
26.4
|
37
|
12.0
|
26.2
|
38
|
12.0
|
26.0
|
39
|
12.0
|
25.8
|
40
|
12.0
|
25.5
|
41
|
12.0
|
25.3
|
42
|
12.0
|
25.0
|
43
|
12.0
|
24.8
|
44
|
12.0
|
24.5
|
45
|
12.0
|
24.2
|
46
|
12.0
|
24.0
|
47
|
12.0
|
23.7
|
48
|
12.0
|
23.4
|
49
|
12.0
|
23.1
|
50
|
12.0
|
22.8
|
51
|
11.9
|
22.5
|
52
|
11.8
|
22.2
|
53
|
11.8
|
21.8
|
54
|
11.7
|
21.5
|
55
|
11.5
|
21.1
|
56
|
11.4
|
20.8
|
57
|
11.3
|
20.4
|
58
|
11.2
|
20.1
|
59
|
11.0
|
19.7
|
60
|
10.9
|
19.3
|
61
|
10.7
|
18.9
|
62
|
10.5
|
18.5
|
63
|
10.3
|
18.1
|
64
|
10.1
|
17.7
|
65
|
9.9
|
17.3
|
66
|
9.6
|
16.8
|
67
|
9.3
|
16.4
|
68
|
9.1
|
16.0
|
69
|
8.7
|
15.5
|
70
|
8.4
|
15.1
|
71
|
8.0
|
14.6
|
72
|
7.6
|
14.2
|
73
|
7.2
|
13.7
|
74
|
6.7
|
13.3
|
75
|
6.2
|
12.8
|
76
|
5.7
|
12.3
|
77
|
5.1
|
11.9
|
78
|
4.5
|
11.4
|
79
|
3.8
|
10.9
|
80
|
3.1
|
10.5
|
81
|
2.3
|
10.0
|
82
|
1.4
|
9.6
|
83
|
1
|
9.1
|
84
|
1
|
8.7
|
85
|
1
|
8.3
|
86
|
1
|
7.9
|
87
|
1
|
7.5
|
88
|
1
|
7.2
|
89
|
1
|
6.9
|
90
|
1
|
6.6
|
91
|
1
|
6.3
|
92
|
1
|
6.0
|
93
|
1
|
5.8
|
94
|
1
|
5.5
|
95
|
1
|
5.3
|
96
|
1
|
5.1
|
97
|
1
|
4.9
|
98
|
1
|
4.7
|
99
|
1
|
4.5
|
100 or more
|
1
|
4.4
|
Source: Schedule 1AAB Superannuation Industry (Supervision) Amendment Regulations 1994
Table 2: Pension valuation factors for pensions that started before 1 January 2006
Age of beneficiary
|
Maximum pension valuation factor
|
Minimum pension valuation factor
|
20 or less
|
10
|
28.6
|
21
|
10
|
28.5
|
22
|
10
|
28.3
|
23
|
10
|
28.1
|
24
|
10
|
28.0
|
25
|
10
|
27.8
|
26
|
10
|
27.6
|
27
|
10
|
27.5
|
28
|
10
|
27.3
|
29
|
10
|
27.1
|
30
|
10
|
26.9
|
31
|
10
|
26.7
|
32
|
10
|
26.5
|
33
|
10
|
26.3
|
34
|
10
|
26.0
|
35
|
10
|
25.8
|
36
|
10
|
25.6
|
37
|
10
|
25.3
|
38
|
10
|
25.1
|
39
|
10
|
24.8
|
40
|
10
|
24.6
|
41
|
10
|
24.3
|
42
|
10
|
24.0
|
43
|
10
|
23.7
|
44
|
10
|
23.4
|
45
|
10
|
23.1
|
46
|
10
|
22.8
|
47
|
10
|
22.5
|
48
|
10
|
22.2
|
49
|
10
|
21.9
|
50
|
9.9
|
21.5
|
51
|
9.9
|
21.2
|
52
|
9.8
|
20.9
|
53
|
9.7
|
20.5
|
54
|
9.7
|
20.1
|
55
|
9.6
|
19.8
|
56
|
9.5
|
19.4
|
57
|
9.4
|
19.0
|
58
|
9.3
|
18.6
|
59
|
9.1
|
18.2
|
60
|
9.0
|
17.8
|
61
|
8.9
|
17.4
|
62
|
8.7
|
17.0
|
63
|
8.5
|
16.6
|
64
|
8.3
|
16.2
|
65
|
8.1
|
15.7
|
66
|
7.9
|
15.3
|
67
|
7.6
|
14.9
|
68
|
7.3
|
14.4
|
69
|
7.0
|
14.0
|
70
|
6.6
|
13.5
|
71
|
6.2
|
13.1
|
72
|
5.8
|
12.6
|
73
|
5.4
|
12.2
|
74
|
4.8
|
11.7
|
75
|
4.3
|
11.3
|
76
|
3.7
|
10.8
|
77
|
3.0
|
10.4
|
78
|
2.2
|
10.0
|
79
|
1.4
|
9.5
|
80
|
1
|
9.1
|
81
|
1
|
8.7
|
82
|
1
|
8.3
|
83
|
1
|
7.9
|
84
|
1
|
7.5
|
85
|
1
|
7.1
|
86
|
1
|
6.8
|
87
|
1
|
6.4
|
88
|
1
|
6.1
|
89
|
1
|
5.8
|
90
|
1
|
5.5
|
91
|
1
|
5.3
|
92
|
1
|
5.0
|
93
|
1
|
4.8
|
94
|
1
|
4.6
|
95
|
1
|
4.4
|
96
|
1
|
4.2
|
97
|
1
|
4.0
|
98
|
1
|
3.8
|
99
|
1
|
3.7
|
100 or more
|
1
|
3.5
|
Source: Schedule 1A Superannuation Industry (Supervision) Amendment Regulations 1994
More information
For more information, including formulas and examples that set out how to calculate pension payment limits, see Pension standards for self-managed super funds.
Up to 30 June 2007, if your benefits include eligible termination payments (ETPs) and you were 55 years old or over when you received the ETP, then the cash amount of the post-June 1983 component is taxed at lower rates until you reach your low rate threshold (LRT).
This table contains the LRT limits. The LRT is a lifetime limit, indexed each financial year.
Income year
|
Threshold
|
2006-07
|
$135,590
|
2005-06
|
$129,751
|
2004-05
|
$123,808
|
2003-04
|
$117,576
|
2002-03
|
$112,405
|
2001-02
|
$105,843
|
2000-01
|
$101,188
|
1999-2000
|
$97,109
|
1998-99
|
$94,189
|
1997-98
|
$90,916
|
1996-97
|
$86,917
|
1995-96
|
$83,574
|
1994-95
|
$79,975
|
1993-94
|
$77,796
|
1992-93
|
$76,949
|
1991-92
|
$73,776
|
1990-91
|
$68,628
|
1989-90
|
$64,500
|
1988-89
|
$60,000
|
1987-88
|
$55,000
|
Tax-free part of bona fide redundancy payments and approved early retirement scheme payments limits
This table shows the limit set for bona fide redundancy and early retirement payments. The tax-free amount is not an eligible termination payment.
Income year
|
Base limit
|
Per complete year of service
|
2006-07
|
$6,783
|
$3,392
|
2005-06
|
$6,491
|
$3,246
|
2004-05
|
$6,194
|
$3,097
|
2003-04
|
$5,882
|
$2,941
|
2002-03
|
$5,623
|
$2,812
|
2001-02
|
$5,295
|
$2,648
|
2000-01
|
$5,062
|
$2,531
|
1999-2000
|
$4,858
|
$2,429
|
1998-99
|
$4,712
|
$2,356
|
1997-98
|
$4,548
|
$2,274
|
1996-97
|
$4,348
|
$2,174
|
1995-96
|
$4,180
|
$2,090
|
1994-95
|
$4,000
|
$2,000
|
Up to 30 June 2007, this table can be used to determine the concessional tax rates limits of a reasonable benefit limit (RBL) for a particular financial year. The table includes both the pension and lump sum RBL.
Income year
|
Lump sum
|
Pension
|
2006-07
|
$678,149
|
$1,356,291
|
2005-06
|
$648,946
|
$1,297,886
|
2004-05
|
$619,223
|
$1,238,440
|
2003-04
|
$588,056
|
$1,176,106
|
2002-03
|
$562,195
|
$1,124,384
|
2001-02
|
$529,373
|
$1,058,742
|
2000-01
|
$506,092
|
$1,012,181
|
1999-2000
|
$485,692
|
$971,382
|
1998-99
|
$471,088
|
$942,175
|
1997-98
|
$454,718
|
$909,435
|
1996-97
|
$434,720
|
$869,440
|
1995-96
|
$418,000
|
$836,000
|
1994-95
|
$400,000
|
$800,000
|
Transitional reasonable benefit limits indexation factors
The information in the table below gives transitional RBL indexation factors and can be used to index a previous financial year's reasonable benefit limits to the current year in line with inflation.
Income year
|
Indexation factor
|
2006-07
|
1.045
|
2005-06
|
1.048
|
2004-05
|
1.053
|
2003-04
|
1.046
|
2002-03
|
1.062
|
2001-02
|
1.046
|
2000-01
|
1.042
|
1999-2000
|
1.031
|
1998-99
|
1.036
|
1997-98
|
1.046
|
1996-97
|
1.040
|
1995-96
|
1.045
|
Adjusted taxable income
The surcharge rate varied and was calculated using a person's adjusted taxable income (ATI). Prior to 1 July 2003, the maximum surcharge rate was 15%. From 1 July 2003, the maximum surcharge rate was reduced then phased out. The maximum surcharge rate was:
- 14.5% in 2003-04
- 12.5% in 2004-05
- 0% in 2005-06 and beyond.
No surcharge is payable in respect of super contributions or termination payments made on or after 1 July 2005. For more information, refer to The superannuation contributions surcharge (NAT 15264).
For the 2003-04 to 2005-06 financial years
Income year
|
Lower income amount
|
Higher income amount
|
A (as per formula)
|
Indexation factor
|
2005-06
|
No surcharge is payable for super contributions or termination payments made on or after 1 July 2005
|
2004-05
|
$99,710
|
$121,075
|
1709.20000
|
1.053
|
2003-04
|
$94,691
|
$114,981
|
1399.31034
|
1.046
|
For financial years before 1 July 2003
Income year
|
Lower limit
|
Upper limit
|
Divisor
|
Indexation factor
|
2002-03
|
$90,527
|
$109,924
|
$1,295
|
1.062
|
2001-02
|
$85,242
|
$103,507
|
$1,219
|
1.046
|
2000-01
|
$81,493
|
$98,955
|
$1,165
|
1.042
|
1999-2000
|
$78,208
|
$94,966
|
$1,118
|
1.031
|
1998-99
|
$75,856
|
$92,111
|
$1,084
|
1.036
|
1997-98
|
$73,220
|
$88,910
|
$1,046
|
1.046
|
1996-97
|
$70,000
|
$85,000
|
$1,000
|
-
|
The 10-year Treasury bond rate is used by unfunded defined benefits providers to calculate and debit interest to their members' surcharge debt accounts where applicable. It is also used by the ATO, where applicable, to calculate and debit interest to the surcharge debt accounts of members of constitutionally protected funds.
As at
|
10-year Treasury bond rate
|
30 June 2012
|
3.04%
|
30 June 2011
|
5.21%
|
30 June 2010
|
5.10%
|
30 June 2009
|
5.52%
|
30 June 2008
|
6.45%
|
30 June 2007
|
6.26%
|
30 June 2006
|
5.79%
|
30 June 2005
|
5.11%
|
30 June 2004
|
5.87%
|
30 June 2003
|
5.01%
|
30 June 2002
|
5.99%
|
30 June 2001
|
6.04%
|
30 June 2000
|
6.16%
|
30 June 1999
|
6.27%
|
30 June 1998
|
5.58%
|
30 June 1997
|
7.05%
|
The rate is determined as follows:
- if any Treasury bonds with a 10-year term are issued on 30 June, the rate is the annual yield on those bonds
- if no Treasury bonds with a 10-year term are issued on 30 June, the rate is the annual yield as published for that day on the Reserve Bank of Australia website as Treasury bonds - Yields - 10-year term.
The AWOTE figure for the relevant quarter is used to index some of these thresholds.
The index number used for a quarter is the original (not the trend or seasonally adjusted) estimate of full-time adult AWOTE for the middle month of the quarter, as first published by the Australian Statistician (see ABS catalogue number 6302.0).
|
First published AWOTE figures are used for the indexation of thresholds. The ABS has recently revised their historical AWOTE figures from August 1996 to May 2008 to exclude all salary sacrificed amounts. However, this has no impact on super thresholds. For more information on the revised AWOTE figures, refer to www.abs.gov.au
|
Year
|
March quarter
|
June quarter
|
September quarter
|
December quarter
|
2012
|
1348.10
|
1349.20
|
n/a
|
1396.00
|
2011
|
1291.30
|
1304.70
|
1324.90
|
1330.10
|
2010
|
1243.90
|
1250.10
|
1258.80
|
1275.20
|
2009
|
1183.40
|
1195.60
|
1204.20
|
1226.80
|
2008
|
1124.80
|
1131.10
|
1151.40
|
1165.30
|
2007
|
1073.80
|
1090.00
|
1105.10
|
1108.50
|
2006
|
1037.50
|
1041.60
|
1053.00
|
1058.60
|
2005
|
992.90
|
1006.70
|
1023.20
|
1025.70
|
2004
|
947.80
|
949.50
|
962.90
|
976.40
|
2003
|
900.40
|
921.00
|
929.60
|
938.40
|
2002
|
860.50
|
866.80
|
879.40
|
889.60
|
2001
|
810.60
|
824.10
|
838.50
|
848.70
|
2000
|
774.80
|
784.20
|
796.10
|
800.40
|
1999
|
743.80
|
747.30
|
753.00
|
764.20
|
1998
|
721.30
|
725.20
|
735.40
|
742.70
|
1997
|
696.10
|
697.60
|
704.30
|
710.90
|
1996
|
665.80
|
671.20
|
674.60
|
685.50
|
1995
|
639.90
|
647.20
|
653.10
|
661.00
|
1994
|
612.30
|
616.90
|
620.00
|
629.90
|
1993
|
595.50
|
598.00
|
600.80
|
603.50
|
1992
|
588.80
|
587.30
|
585.70
|
586.90
|
1991
|
564.30
|
560.20
|
567.50
|
580.10
|
1990
|
524.80
|
534.50
|
541.70
|
554.40
|
1989
|
493.40
|
501.40
|
509.70
|
516.80
|
1988
|
458.80
|
465.60
|
470.10
|
484.50
|
1987
|
429.60
|
435.60
|
446.00
|
450.00
|
1986
|
404.90
|
408.30
|
419.80
|
428.40
|
1985
|
378.00
|
383.10
|
388.80
|
397.10
|
1984
|
353.60
|
364.90
|
369.40
|
375.20
|
1983
|
335.20
|
336.50
|
339.80
|
351.70
|
1982
|
293.50
|
306.00
|
317.70
|
331.50
|
1981
|
270.70
|
295.10
|
304.00
|
285.20
|
1980
|
245.70
|
256.70
|
268.10
|
289.10
|
1979
|
222.70
|
232.80
|
238.30
|
248.00
|
1978
|
205.20
|
215.50
|
218.90
|
229.10
|
1977
|
182.90
|
198.70
|
203.90
|
213.60
|
1976
|
165.30
|
180.70
|
184.70
|
195.50
|
1975
|
143.80
|
156.40
|
157.10
|
172.40
|
1974
|
105.60
|
119.90
|
129.00
|
143.90
|
1973
|
90.80
|
100.80
|
103.10
|
112.20
|
1972
|
83.40
|
90.60
|
90.50
|
97.30
|
1971
|
76.40
|
83.70
|
84.30
|
89.90
|
ABS data used with permission from the Australian Bureau of Statistics.
Last Modified: Wednesday, 27 February 2013
|