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Other super rates and thresholds

Last updated 15 October 2023

These rates and thresholds applied up to 30 June 2007 for super contributions and benefits, employment termination payments, super guarantee and co-contributions.

Self-managed super fund supervisory levy

Self-managed super funds (SMSFs) are required to pay a supervisory levy to us on an annual basis. You need to pay the supervisory levy with your SMSF annual return. The amount payable is stated on the return.

SMSF limited recourse borrowing arrangements interest rates

The following interest rates charged under a SMSF limited recourse borrowing arrangement (LRBA) would be consistent with the safe harbour terms outlined in Practical Compliance Guidelines (PCG) 2016/5 – Income tax arm’s-length terms for limited recourse borrowing arrangements established by self-managed superannuation funds.

Table 27: Self-managed super fund LRBA interest rates

Year

Real property

Listed shares or units

2023–24

8.85%

10.85%

2022–23

5.35%

7.35%

2021–22

5.10%

7.10%

2020–21

5.10%

7.10%

2019–20

5.94%

7.94%

2018–19

5.80%

7.80%

2017–18

5.80%

7.80%

2016–17

5.65%

7.65%

2015–16

5.75%

7.75%

Deduction limits based on age

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 apply to:

  • employers and their associates claiming deductions for contributions made for the benefit of an employee
  • individuals claiming a deduction for personal super contributions.
Table 28: Age based limits

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

$33,086

$82,053

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 old. ‘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 July) 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.

Allocated pension payments

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 starting from 1 January 2006.

Table 29: Allocated pension payment limits

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.

Pension valuation factors

The tables below set out the maximum and minimum pension valuation factors used to calculate maximum and minimum payment limits for pensions and annuities.

Note: 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 information on SMSF pension standards, see Pension standards for self-managed super funds.

Table 30: Pension valuation factors for pensions that started on or after 1 January 2006

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 31: 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

Low rate threshold – post-June 1983 components of eligible termination payments

Up to 30 June 2007, if your benefits include eligible termination payments (ETPs) and you were aged 55 years 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.

Table 32: Low rate threshold – post June 1983 components of ETPs

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 and approved early retirement scheme payments limits

This table shows the limit set for bona fide redundancy and early retirement payments that applied prior to 1 July 2007. The tax free amount is not an eligible termination payment.

Table 33: Tax free limits for bona fide redundancy and early retirement scheme payments

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

Reasonable benefit limits

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.

Table 34: Reasonable benefit limits

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.

Table 35: Indexation factors for transitional reasonable benefit limits

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

Super contributions surcharge

Adjusted taxable income

The surcharge rate varied and was calculated using a person’s adjusted taxable income (ATI). Before 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 information on the super contributions surcharge, see:

Table 36: 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

See Note 1

See Note 1

See Note 1

See Note 1

2004–05

$99,710

$121,075

1709.20000

1.053

2003–04

$94,691

$114,981

1399.31034

1.046

Note 1: No surcharge is payable for super contributions or termination payments made on or after 1 July 2005.

Table 37: 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

For information on the termination payments surcharge, see Superannuation surcharge – information for individuals (NAT 15263).

10-year Treasury bond rate

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 us, where applicable, to calculate and debit interest to the surcharge debt accounts of members of constitutionally protected funds.

Table 38: 10-year Treasury bond rate

As at

10-year Treasury bond rate

30 June 2023

4.03%

30 June 2022

3.67%

30 June 2021

1.49%

30 June 2020

0.87%

30 June 2019

1.32%

30 June 2018

2.63%

30 June 2017

2.60%

30 June 2016

1.98%

30 June 2015

3.01%

30 June 2014

3.54%

30 June 2013

3.76%

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%

Source: Reserve Bank of Australia, Interest Rates, Capital market yields – Government bonds daily

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.

Average weekly ordinary time earnings (AWOTE)

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 (refer to ABS catalogue number 6302.0).

Note: First published AWOTE figures are used for the indexation of thresholds. The ABS 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 the ABS website.

Table 39: Average weekly ordinary time earnings

Year

March quarter

June quarter

September quarter

December quarter

2023

n/a

1,838.10

n/a

 

2022

n/a

1,769.80

n/a

 1,807.70

2021

n/a

1,737.10

n/a

1,748.40

2020

n/a

1,713.90

n/a

1,711.60

2019

n/a

1,634.80

n/a

1,658.40

2018

n/a

1,585.30

n/a

1,605.50

2017

n/a

1,543.20

n/a

1,569.60

2016

n/a

1,516.00

n/a

1,533.40

2015

n/a

1,483.10

n/a

1,500.50

2014

n/a

1,454.10

n/a

1,477.00

2013

n/a

1,420.90

n/a

1,437.00

2012

1,348.10

1,349.20

n/a

1,396.00

2011

1,291.30

1,304.70

1,324.90

1,330.10

2010

1,243.90

1,250.10

1,258.80

1,275.20

2009

1,183.40

1,195.60

1,204.20

1,226.80

2008

1,124.80

1,131.10

1,151.40

1,165.30

2007

1,073.80

1,090.00

1,105.10

1,108.50

2006

1,037.50

1,041.60

1,053.00

1,058.60

2005

992.90

1,006.70

1,023.20

1,025.70

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

Note: From September 2012, the ABS no longer produces data for March or September. ABS data used with permission from the Australian Bureau of StatisticsExternal Link.

QC18123