New superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year.
– The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000.
– The CGT cap amount will be $1,480,000.
– The Division 293 tax threshold will be $250,000.
– The maximum super contribution base for superannuation guarantee purposes will be $54,030 per quarter.
– The maximum superannuation cocontribution entitlement for the 2018/19 income year will remain at $500 (with the lower income threshold increasing to $37,697 and the higher income threshold increasing to $52,697).
The superannuation benefit caps for the 2018/19 income year include:
– a low rate cap amount of $205,000;
– an untaxed plan cap amount of $1,480,000;
– a general transfer balance cap of $1.6m;
– a defined benefit income cap of $100,000;
– an ETP cap amount for life benefit termination payments and death benefit termination payments of $205,000; and
the tax-free part of genuine redundancy payments and early retirement scheme payments comprising a base limit of $10,399 and for each complete year of service an additional $5,200.
The Money Edge | Bundaberg