Recent Superannuation Update for Businesses
Business Tax Update │September 2017
In the latest superannuation update, the ATO have released renewed conditions which apply to contributions and benefits, employment termination payments (ETP), super guarantee and co-contributions.
Key super rates and thresholds
The ATO has released the key superannuation rates and thresholds on the following categories:
For the 2017-18 income year, the:
- Concessional contribution cap is $25,000
- Non-concessional contribution cap is $100,000 (conditions apply)
- CGT cap amount is $1,445,000
- Div 293 tax threshold amount is $250,000
- Low rate cap amount is $200,000
- ETP cap for life benefit termination payments is $200,000
- ETP cap for death benefit termination payments is $200,00.
The full list of rates and thresholds can be found on the ATO website.
SuperStream Roadmap
The SuperStream roadmap provides a picture of the changes for the next 18 months. The information on this web page details the changes impacting the superannuation industry up until the end of 2018. The ATO will update the information on this page every quarter. If your business has transitioned to SuperStream, it is worth keeping an eye on this web page for the latest information. You can always talk to your tax agent or adviser about this too.
For more information or to make an appointment, please contact us below or call us on 1300 627 829
Source: TaxWise 2017
