The following thresholds relate to 2018-2019. Super Contributions
|Superannuation guarantee maximum contribution base||$52,760 per quarter
|Employer contribution rate||9.5%|
|Concessional contributions cap (no additional contribution for people over age 49).||$25,000|
|Non-concessional contribution cap
Total super balance at 30 June 2018 is below $1.6M.
Total super balance at 30 June 2018 is $1.6M or more
|CGT lifetime cap||$1,480,000**|
** The CGT cap is a lifetime limit and is indexed annually and rounded down to the nearest $5,000.
Standard bring forward rule for non-concessional contributions
|Total superannuation balance
at 30 June 2018
|Non-concessional contributions cap including bring-forward
|Less than $1.4 million||$300,000|
|At least $1.4 million but less than $1.5 million||$200,000|
|At least $1.5 million but less than $1.6 million||$100,000|
|$1.6 million or more||Nil|
The bring-forward rule is only available for clients under age 65 at any time in the financial year, who have not triggered the
bring-forward rule in the previous two financial years.
Transitional bring forward rule
|Year in which bring forward rule is triggered||Transitional non-concessional contributions cap*
|2015-16||Transitional period has expired, use standard bring forward rule in 2018=-19|
|2016-17||$380,000 less NCCs made since 1 July 2016|
* Only available for clients who triggered the bring-forward rule in 2016-17. Total superannuation balance must be less
than $1.6 million on 30 June 2018.
Division 293 tax threshold
From 1 July 2012, Division 293 tax will be applied to certain super contributions to reduce the concessional tax treatment of those contributions made for very high income individuals.
From 1st July 2018 the high income threshold is $250,000.
An individual’s income is added to certain super contributions and compared to the high income threshold. Division 293 tax is payable on the excess over the threshold, or on the super contributions, whichever is less. The rate of Division 293 tax is 15%.
Division 293 tax is not payable on excess concessional contributions that have been taxed under Division 292 (or refunded under section 292-467).
|Total||Reduction in max co-contribution|| Maximum income (TI)
|$37,697 or less||Nil||$500|
|More than $37,697 but less than $52,697||(TI – $37,697) x 0.03333||$500 – RI|
|$52,697 or more||$500||Nil|
*** Payment rate is 50 cents for every dollar of personal contributions made by eligible persons. The maximum co-contribution available is $500. Total Income (TI) is assessable income plus reportable fringe benefits plus reportable employer super contributions, less business deductions (other than for work-related expenses or personal super contributions.)
Low Income Super Tax Offset
|Adjusted taxable income||Contribution amount|
|$37,000 or less||15% of concessional contributions (subject to a maximum LISTO of $500)|
|$37,001 or more||Nil|
Super Lump Sum Benefits
|Low rate cap||$205,000|
|Untaxed plan cap||$1,480 million|
Minimum and maximum percentage factors
These percentage factors apply to exempt current pension income (ECPI) and transition to retirement income stream (TRIS) .
As per establishment account balance and in the subsequent years the balance at the 1st July.
|Age of recipient||% factor|
|Under age 65||4%|
|65 to 74||5%|
|75 to 79||6%|
|80 to 84||7%|
|85 to 89||9%|
|90 to 94||11%|
|95 and older||14%|
Maximum Factors ECPI – there is no maximum pension. You can draw pension up to 100% of the value.TRIS – maximum pension is 10% of the account balance at establishment date and in the subsequent years the pension account balance at 1st July. Taxation of Income SteamsTax free component is not taxed. Taxable component is taxed as follows:*on 1st July 2017, an individual on a TTR who has not met a condition of release won’t satisfy as an income stream in retirement phase. Tax Free part of genuine redundancy and early retirement scheme payments
|Taxable Component Tax Rate|
|Age||From taxed sources||From untaxed sources|
|Age 60 or above||Not assessable, not exempt income||Taxed at marginal tax rates, with a 10% tax offset|
|At or above preservation age and under 60||Taxed at marginal tax rates and tax
offset of 15% is available
|Taxed at marginal tax rates, with no tax offset|
|Under preservation age||Taxed at marginal tax rates, with no tax
offset (Tax offset of 15% is available if a disability super benefit)
|Taxed at marginal tax rates, with not tax offset|
|First year||For each completed base benefit year of service|
|ETP cap amount||$205,000|
|Whole-of-income cap amount||$180,000|
Superannuation Death Benefit
Super death benefits paid to a death benefits dependant
|Age of deceased at time of death||Type of death benefit||Age of recipient||Taxed element||Untaxed element|
|Any age||Lump sum||Any age||0% NANE||0% NANE|
|Age 60 and above||Income stream||Any age||0% NANE||MTR less 10% tax offset|
|Below age 60||Income stream||Age 60 and above||0% NANE||MTR less 10% tax offset|
|Below age 60||Income stream||Below age 60||MTR less 15% tax offset||MTR (no tax offset)|
Superannuation Death Benefit
Super death benefits paid to a death benefits non-dependant
|Age of deceased||Type of death benefit||Age of recipient||Taxed element||Untaxed element|
|Any Age||Lump sum||Any age||Max 15%||Max 30%|
|Any Age||Income stream||Any age||Not permitted after 1 July 2007. Death benefit income streams commenced prior to 1 July 2007 will be taxed in the same manner as if paid to a dependant.||same rules applies as Taxed element|
MTR is Marginal Tax Rate
NANE income is neither assessable income nor exempt income. It is ignored when working out a persons taxable income and their tax losses.
For all non-zero tax rates, Medicare levy may also apply. For all payments, the tax-free component is NANE.
These payment are not subject to tax.
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