Superannuation thresholds remain unchanged


Due to sluggish wage growth, several superannuation thresholds for 2016-17 are set to remain unchanged.

Updated ATO superannuation thresholds show that the concessional contributions cap remains fixed at $30,000 for 2016-17, and $35,000 for those who are aged 49 years or over. Thus, the non-concessional cap will remain unchanged at $180,000 for 2016-17 (or $540,000 over 3 years).

Super guarantee (SG)
Even though the SG will remain at 9.5 per cent until 1 July 2021, ATO figures show that the “maximum contribution base” will rise to $51,620 per quarter from 2016-17 (up from $50,810).

The government co-contribution “lower income threshold” will be increased to $36,021 for 2016-17. The “higher income threshold” will be $51,021.

Super benefits
The tax-free amount for a genuine redundancy will increase to $9,936, plus $4,969 for each year of an employee’s service. The superannuation lump sum low rate cap and “ETP cap amount” will remain unchanged at $195,000 for 2016-17. However, the untaxed plan cap will increase to $1.415m.


About Author

Leave A Reply

Pin It on Pinterest