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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)
$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 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
2011-12	$1,000	100%	$31,920	$61,920
2012-13	$500	50%	$31,920	$46,920

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
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 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%
$37,000	$3,572	32.5%
$80,000	$17,547	37%
$180,000	$54,547	45%

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.

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