Super Rates & Thresholds for 2014-2015

Super Rates & Thresholds for 2014-2015

With all the recent changes to superannuation and taxation laws, I thought we’d provide a quick snap shot of the new rates for your own reference. Of note, the concessional contributions cap has increased from $25,000 to $30,000 while the non-concessional contributions cap has increased by $30,000 to $180,000.  The $35,000 special concessional contribution cap for older Australians has been expanded to people who are aged 50 years or over.

The superannuation rates, caps and thresholds for the current financial year and previous years are detailed in the following tables, take a look…

Concessional Contributions Cap

Concessional (before-tax) contributions are contributions that are made for or by you to a complying superannuation fund and are assessable income of the fund, for example, super guarantee contributions, salary sacrifice, self-employed member deductible contributions.

Income Year

Under 50

50 years to 59 years

60 years and over

2014-2015

$30,000

$35,000

$35,000

2013-2014

$25,000

$25,000

$35,000

2012-2013

$25,000

$25,000

$25,000

2011-2012

$25,000

$50,000

$50,000

2010-2011

$25,000

$50,000

$50,000

2009-2011

$25,000

$50,000

$50,000

(Source: SuperGuide)

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Non-Concessional Contributions Cap

Generally, a non-concessional contribution is the ‘after-tax’ contribution you make to a super fund and this is not included in the fund’s assessable income. Non-concessional contributions include personal contributions you make to super funds from your after-tax pay, profits from your business, your inheritance etc.

Income Year

Cap

Bring-forward Rule

2014-2015

$180,000

$540,000

2013-2014

$150,000

$450,000

2012-2013

$150,000

$450,000

2011-2012

$150,000

$450,000

2010-2011

$150,000

$450,000

2009-2011

$150,000

$450,000

(Source: SuperGuide)

Maximum Superannuation Contribution Base

A maximum superannuation contribution base is an indexed limit, up to which an employer must contribute 9.5% of an employee’s salary.

Income Year

Per Quarter

Annualised

2014-2015

$49,430

$197,720

2013-2014

$48,040

$192,160

2012-2013

$45,750

$183,000

2011-2012

$43,820

$175,280

2010-2011

$42,220

$168,880

2009-2011

$40,170

$160,680

(Source: SuperGuide)

Co-contribution Income Thresholds

The super co-contribution is designed to help eligible people boost their retirement savings. The amount of government co-contribution you can receive depends upon what your income is and how much you contribute.

Income Year

Lower Income Threshold

Upper Income Threshold

2014-2015

$34,488

$49,488

2013-2014

$33,516

$48,516

2012-2013

$31,920

$46,920

2011-2012

$31,920

$61,920

2010-2011

$31,920

$61,920

2009-2010

$31,920

$61,920

(Source: SuperGuide)

Please note that for the year of 2014-2015, 2013-2014 and 2012-2013, the matching rate of the co-contribution is 50% of the after-tax (non-concessional) contributions that you make. Please also be aware that the maximum co-contribution you can receive is $500.

Minimum Annual Pension (income stream) Payments

An income stream is a series of regular payments over a period of time. Most people have a choice of taking their superannuation as a lump sum or an income stream.

Age

Percentage Factors (PF)

Back to Normal

2014-15 & 2013-14

No Relief

Temporary Relief

2012-13 & 2011-12

75% of PF

Temporary Relief

2010-11 & 2009-10

50% of PF

55-64

4%

4%

3%

2%

65-74

5%

5%

3.75%

2.5%

75-79

6%

6%

4.5%

3%

80-84

7%

7%

5.25%

3.5%

85-89

9%

9%

6.75%

4.5%

90-94

11%

11%

8.25%

5.5%

95 or older

14%

14%

10.5%

7%

(Source: SuperGuide)

Low-rate Cap Amount

A low-rate cap is a lifetime limit that applies to super lump sums that are paid from a taxed benefit, often after the age of 55 and before the age of 60.

Income Year

Cap

2014-2015

$185,000

2013-2014

$180,000

2012-2013

$175,000

2011-2012

$165,000

2010-2011

$160,000

2009-2010

$150,000

(Source: SuperGuide)

Untaxed Plan Cap Amount

The untaxed-plan cap is the maximum amount of the untaxed element of your super lump sum payments which will be subject to concessional tax rates.

Income Year

Cap

2014-2015

$1.355 million

2013-2014

$1.315 million

2012-2013

$1.255 million

2011-2012

$1.205 million

2010-2011

$1.155 million

2009-2010

$1.1 million

(Source: SuperGuide)

Capital Gains Tax Cap Amount

You can exclude non-concessional super contributions from the non-concessional contributions cap up to the Capital Gains Tax (CGT) cap, when related to the sale of a small business or an active asset of a small business.

Income Year

Cap

2014-2015

$1.355 million

2013-2014

$1.315 million

2012-2013

$1.255 million

2011-2012

$1.205 million

2010-2011

$1.155 million

2009-2010

$1.1 million

(Source: SuperGuide)

Tax-free Part of Genuine Redundancy Payments

A genuine redundancy payment is a payment made to an employee who is dismissed because the job that employee was doing has been abolished.

Income Year

Base Limit

For each Complete Year of Service

2014-2015

$9,514

$4,758

2013-2014

$9,246

$4,624

2012-2013

$8,806

$4,404

2011-2012

$8,435

$4,218

2010-2011

$8,126

$4,064

2009-2011

$7,732

$3,867

(Source: SuperGuide)

 

If you would like to know more about how you can better position yourself to maximise your benefits, contact United Global Capital today and speak with one of our financial strategists for a No Cost, No Obligation consultation on 03 8657 7640 or email info@ugc.net.au to learn how you can take advantage of the opportunities available to you.

The information contained in this report is General in nature and has been prepared without taking into account your objectives, financial situation and needs.
Joel Hewish

Joel Hewish

CEO / Chief Financial Strategist at United Global Capital
B.Bus (Bank & Fin), GDipAppFin, GCertFinPlan
Authorised Representative No. 416387
Joel is the founder and CEO of UGC.
He is a licensed financial advisor with 15 years experience assisting clients grow, manage and protect their wealth.
Joel Hewish