Add this page to your Favourites on your web browser so you can always have access to the latest superannuation rates and thresholds.
Rates & thresholds effective 1 July 2012
Annual contribution limits for 2012/2013 financial year
|Concessional contributions (before-tax)|
|$25,000 for all ages
Annual contribution limits for the 2012/13 financial year
|Non-Concessional contributions (after-tax)|
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 is an initiative to help individuals save for retirement. Under proposed new co-contribution rules, if you earn $46,920 or less and make after-tax contributions to your super, the Government will pay up to 50 cents for every dollar you contribute, subject to a maximum of $500 per year. The amount they match will be added to your super account.
While the co-contribution amounts have been reduced since 2011-12 the new Low Income Earners Superannuation Contribution (LISC) refund, offsets or partly offsets, this reduction. Under the LISC the Government will contribute up to $500 each year to an individual's superannuation account, where their adjusted taxable income is less than $37,000. For more information about the LISC visit http://www.ato.gov.au/content/00323725.htm
|Year of entitlement||Maximum entitlement||Matching rate||Lower threshold||Higher threshold|
Minimum payment amounts for account-based, allocated and market linked (term allocated) pensions will be reduced by 25% for 2012-13.
1 July 2012 to 30 June 2013
|Age||Minimum pension payment limit|
|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 2012/2013 financial year excluding Medicare.
|Taxable income p.a.||Tax on income p.a.||Tax on excess (marginal rate)|
|Nil to $18,200||0||19%|
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 $175,000||0%|
|Lump sum excess above $175,000||16.5% *|
|Income streams||Marginal Rate**|
|From age 60||0%|
* Includes Medicare Levy of 1.5%.
** 15% tax offset applies.
The maximum super contribution base is used to determine the maximum limit on any individual employee's earnings base for each quarter of any financial year. The maximum contribution base for superannuation guarantee (SG) purposes is $45,750 per quarter for the 2012-13 financial year.