KEEP UP TO DATE WITH THE LATEST RATES AND CONTRIBUTION LIMITS.

Annual contribution limits for 2011/2012 financial year

Concessional contributions (before-tax)
$25,000 if you are under age 50 $50,000 if you are aged 50 or older

Annual contribution limits for the current financial year

Non-Concessional contributions (after-tax)
$150,000 If you are under age 65, you can make non-concessional contributions of up to $450,000 under the bring forward provision.

The Government co-contribution scheme can assist you to save for your retirement. If your total income for co-contribution purposes is $31,920 or less in a year of income, the Government will give you $1.00 for every dollar you put in, up to a maximum amount of $1,000.

The table below gives you an indication of the co-contribution you could receive based on your income level and the amount of personal after-tax contributions you make.

The co-contribution ceases when your income reaches $61,920.

If you make a personal after-tax contribution of:
	$1,000	$800	$500	$200
And your total income is:	Your super co-contribution will be:
$31,920 or less	$1,000	$800	$500	$200
$34,921	$900	$800	$500	$200
$37,921	$800	$800	$500	$200
$40,921	$700	$700	$500	$200
$43,922	$600	$600	$500	$200
$46,922	$500	$500	$500	$200
$49,922	$400	$400	$400	$200
$52,922	$300	$300	$300	$200
$55,923	$200	$200	$200	$200
$58,923	$100	$100	$100	$100
$61,920	$0	$0	$0	$0

Source: Russell Investments

Minimum payment amounts for account-based, allocated and market linked (term allocated) pensions will be reduced by 25% for 2011-12.

1 July 2011 to 30 June 2012

Age	Minimum pension payment limit
Under 65	3%
65-74	3.75%
75-79	4.5%
80-84	5.25%
85-89	6.75%
90-94	8.25%
95 and over	10.5%

Date of birth	Preservation age
Before 1 July 1960	55
1 July 1960 to 30 June 1961	56
1 July 1961 to 30 June 1962	57
1 July 1962 to 30 June 1963	58
1 July 1963 to 30 June 1964	59
1 July 1964 and after	60

Marginal personal income tax rates for the current financial year excluding Medicare.

Taxable income p.a.	Tax on income p.a.	Tax on excess (marginal rate)
Nil to $6,000	0	15%
$37,000	$4,650	30%
$80,000	$17,550	37%
$180,000	$54,550	45%

Source: Parliament of Australia, Parliamentary Library, budget review 2010/11

The maximum tax rate payable on the tax-free component is 0%. The table below outlines the taxed elements of the taxable component.

Benefit component	Maximum tax rate
Under preservation age
Lump sums	21.5%
Disability income streams	Marginal Rate
Other income streams	Marginal Rate
At or after preservation age
Lump sum up to $165,000	0%
Lump sum excess above $165,000	16.5%
Income streams	Marginal Rate**
From age 60	0%

* Includes Medicare Levy of 1.5%.
** 15% tax offset applies. Note for 2011/2012 a flood levy does apply. Refer to the Flood Levy FAQs for more information.

The maximum contribution base for superannuation guarantee (SG) purposes is $43,820 per quarter.

Can’t find what you’re looking for? Try the following websites:

Current tax rates: www.ato.gov.au
Superannuation industry issues: http://www.superannuation.asn.au/
Social security entitlements: www.centrelink.gov.au
Financial tips and safety checks: www.moneysmart.com.au

The flood levy will only apply to residents and non-residents who have a taxable income of more than $50,000 in the 2011/2012 financial year. The flood levy will be calculated as follows:

Taxable income/benefit payment	Levy
Up to $50,000	Nil
$50,001 to $100,000	0.5 cents for each dollar over $50,000
Over $100,000	$250 plus 1 cent for each dollar over $100,000