Tax Year |
Financial Year ending 30th June | 2013 |
Financial Year Start Date | 01/07/2012 |
Financial Year End Date | 30/06/2013 |
Contribution Rules |
Tax on superannuation contributions depends on age and amount of contribution.
Excess concessional contributions count towards non concessional contributions cap.
Rates for additional contributions over threshold include Medicare levy.
Concessional Contribution (aged under 50)
Contributions Cap Threshold | $ 25,000 |
Contributions Tax under Threshold | 15.00 % |
Additional Contrib. Tax over Threshold | 31.50 % |
Transitional Concessional (aged 50 and over)
Available for those age 50 and over until 30 June 2014.
Contributions Cap Threshold | $ 25,000 |
Contributions Tax under Threshold | 15.00 % |
Additional Contrib. Tax over Threshold | 31.50 % |
Non-Concessional Contribution
Contributions Cap Threshold | $ 150,000 |
3 year limit (if aged under 65) | $ 450,000 |
Tax on Contributions under Threshold | 0.00 % |
Tax on Contributions over Threshold | 46.50 % |
Earnings Tax |
Income/earnings on assets in accumulation phase are subject to up to an earnings tax.
Earnings tax on income | 15.00 % |
Government Co-Contribution |
Government co-contribution available for personal contributions.
Maximum government co-contribution | $ 500 |
Co-contribution multiplier | 0.50 |
If more than zero and less than $20, government minimum payment is $20.
Assessable Income Threshold | $ 31,920 |
Reduction Rate over Threshold | 0.03333 |
Assessable Income Cut-off | $ 46,920 |
Eligible Income Test Rate % | 10.00 |
Percentage of income from employment activities/business must be greater than this rate.
Low Income Super Contribution (LISC) |
From 1 July 2012, the Government provides a low income superannuation contribution.
Minimum Govt Contribution | $ 20 |
Maximum Govt Contribution | $ 500 |
Adjusted Taxable Income Threshold | $ 37,000 |
Rate on Concessional Contributions | 0.15 |
Lump Sum Tax |
Superannuation Lump Sum payments are taxed at rates dependent on age and the amount. Taxable is adjustable via a tax offset.
Death Benefit
Paid to Dependent
Any age, Taxed or Untaxed Element | 0.00 % |
Paid to Non-Dependent
Any age, Taxed Element | 19.00 % |
Any age, Untaxed Element | 32.50 % |
Superannuation Lump Sum (non death)
Lump sum lower limit cap rate | $ 175,000 |
Lump sum upper limit cap rate | $ 1,255,000 |
Age at Payment - Under Preservation age/55
Taxed Element | 20.00 % |
Untaxed Element - within upper limit | 32.50 % |
Untaxed Element - over upper limit | 45.00 % |
Age at Payment - Preservation Age to 59
Taxed Element - within lower limit | 0.00 % |
Taxed Element - over lower limit | 19.00 % |
Untaxed Element - within lower limit | 19.00 % |
Untaxed Element - lower to upper | 32.50 % |
Untaxed Element - over upper limit | 45.00 % |
Age at Payment - 60 and over
Taxed Element | 0.00 % |
Untaxed Element - within upper limit | 19.00 % |
Untaxed Element - over upper limit | 45.00 % |
Spouse Contribution Tax Offset |
A tax offset may apply if superannuation contributions are made on behalf of your spouse to a complying super fund, or retirement savings account (RSA).
Tax Offset Rate on Super Contribution | 18.00 % |
Super Contribution Limit | $ 3,000 |
Maximum Tax Offset | $ 540 |
Tax offset reduced by $1 for every dollar spouse assessable income plus reportable benefits exceed threshold.
Spouse Assessable Income Threshold | $ 10,800 |
Superannuation Guarantee Charge |
Super Guarantee Charge Minimum rate | 9.00 % |
Super Guarantee Charge Age Limit | 70 |
Minimum Monthly Income | $ 450 |