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Saturday, 26 May 2012

Superannuation rates & thresholds for 2012/13

  1. The superannuation thresholds for the financial year ending June 30, 2013 have now been released by the Tax Office.

  2. The superannuation contributions caps for 2012/13 are as follows:
    • The concessional contributions cap is $25,000 for all members. However, members aged 50 years and over and have a balance of under $500,000 can contribute $50,000;
    • The non-concessional contribution cap is $150,000. Members aged under 65 can bring forward 2 years contributions and can therefore contribute $450,000 over a 3 year period.
  3. The Government has announced that, if passed by parliament, the concessional contributions cap will be permanently increased to $50,000 for members with superannuation balances below $500,000.

  4. The Capital Gains Tax (CGT) rollover cap is not included in the non-concessional contributions cap. The lifetime CGT rollover cap for 2012/13 is $1.255 million, up from $1.205 million for 2011/12.

  5. The low rate cap for superannuation lump sum benefits for 2012/13 is $175,000 up from $165,000 for 2011/12. This low rate cap amount is reduced by any amount previously applied to the low rate threshold.

  6. Employment termination payments (ETP) made in consequence of termination of employment, is capped for 2012/13 at $175,000 for both life benefit and death benefit termination payments, up from $165,000 in 2011/12.

  7. The minimum percentage withdrawal for pensions and annuities for 2012/13 are as follows:
    Age
    Minimum Percentage Withdrawal
    Under 65
    3%
    65-74
    3.75%
    75-79
    4.5%
    80-84
    5.25%
    85-89
    6.75%
    90-94
    8.25%
    95 or more
    10.5%

  8. For the detailed key superannuation rates and thresholds from the Tax Office, go to www.ato.gov.au/super/PrintFriendly.aspx?ms=super&doc=/content/60489.htm

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