Changes for 2016-17 – Superannuation rates and thresholds
The ATO has released the key superannuation rates and thresholds for 2016-17. The rates apply to contributions and benefits, employment termination payments, super guarantee and co-contributions and include the following:
1.Concessional contributions cap:
The general concessional contributions cap is $30,000 for those aged under 49 years old. A higher cap of $35,000 applies to those aged 49 years or over on 30 June 2015.
2. Non-concessional contributions cap:
The non-concessional contributions cap is $180,000.
People aged under 65 years may be able to make non-concessional contributions of up to 3 times their non-concessional contributions cap for the year, over a three-year period. This is known as the “bring-forward” option.
3. Maximum superannuation contribution base:
The maximum superannuation contribution base for 2016-17 is $51,620 per quarter.
4. Superannuation co-contributions:
If you are an eligible low or middle income earner and make personal (after-tax) contributions to your super during a financial year, the government will match your contribution with a co-contribution up to a certain amount. The maximum superannuation co-contribution entitlement for the 2016-17 year remains at $500. However, the lower income threshold increases to $36,021 and the higher income threshold increases to $51,021.
A summary of the past 5 years’ relevant income thresholds is below:
|
Financial year |
Lower income threshold |
Higher income threshold |
Maximum entitlement |
|
2016-17 |
$36,021 |
$51,021 |
$500 |
|
2015-16 |
$35,454 |
$50,454 |
$500 |
|
2014-15 |
$34,488 |
$49,488 |
$500 |
|
2013-14 |
$33,516 |
$48,516 |
$500 |
|
2012-13 |
$31,920 |
$46,920 |
$500 |
For superannuation services and advice, contact us below or call 1300 627 829
