Superannuation rates and thresholds for 2019/20
The ATO has published the key superannuation rates and thresholds for the 2019/20 year. Some of 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 concessional contributions cap is $25,000 for the 2019/20 year
- non-concessional contributions cap — the non-concessional contributions cap is $100,000 for the 2019/20 year
- CGT cap amount — the CGT cap amount for non-concessional contributions for 2019/20 is $1.515 million
- Division 293 tax — the Div 293 tax threshold amount for 2019/20 is $250,000
- superannuation guarantee — the maximum super contribution base for 2019/20 is $55,270 per quarter
- superannuation co-contribution — the maximum superannuation co-contribution entitlement for the 2019/20 year remains at $500. The lower-income threshold increases to $38,564 and the higher-income threshold increases to $53,564 for the 2019/20 year
- superannuation benefit caps — the low-rate cap amount for 2019/20 is $210,000. The untaxed plan cap amount for 2019/20 is $1.515 million
- general transfer balance cap — the general transfer balance cap for 2019/20 is $1.6 million
- defined benefit income cap — the defined benefit income cap for 2019/20 is $100,000
- employment termination payments (ETP) — the ETP cap amount for life benefit termination payments and death benefit termination payments for 2019/20 is $210,000, and
- tax-free part of genuine redundancy payments and early retirement scheme payments — for genuine redundancy and early retirement scheme payments for 2019/20, the base limit is $10,638 and for each complete year of service is $5,320.
The Money Edge | Bundaberg