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)
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 [email protected] 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.