Latest rates and
contribution limits
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1. Concessional contribution limits
Annual contribution limits for 2009/2010 financial year
Concessional contributions (before-tax) |
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2. Non-concessional contribution limits
Annual contribution limits for 2009/2010 financial year
Non-concessional contributions (after-tax) |
|
3
. Government co-contribution
The Government Co-Contribution is an initiative to assist you in saving 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: |
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| $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 |
| $33,920 |
$933 | $800 | $500 | $200 |
| $35,920 | $867 | $800 | $500 | $200 |
| $37,920 | $800 | $800 | $500 | $200 |
| $39,920 | $733 | $733 | $500 | $200 |
| $41,920 | $667 | $667 | $500 | $200 |
| $43,920 | $600 | $600 | $500 | $200 |
| $45,920 | $533 | $533 | $500 | $200 |
| $47,920 | $467 | $467 | $467 | $200 |
| $49,920 | $400 | $400 | $400 | $200 |
| $51,920 | $333 | $333 | $333 | $200 |
| $53,920 | $267 | $267 | $267 | $200 |
| $55,920 | $200 | $200 | $200 | $200 |
| $57,920 | $133 | $133 | $133 | $133 |
| $59,920 | $67 | $67 | $67 | $67 |
| $61,920 | $0 | $0 | $0 | $0 |
| Source: Russell Investments |
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4. Minimum pension limits
Minimum payment percentages for account based pensions for 2009/2010
Age |
Minimum pension payment limit |
Under 65 |
2% |
65-74 |
2.5% |
75-79 |
3% |
80-84 |
3.5% |
85-89 |
4.5% |
90-94 |
5.5% |
95 and over |
7% |
5. Preservation age
Date of birth |
Preservation age |
Before 1 July 1960 |
55 |
1 July 1960 to
|
56 |
1 July 1961 to |
57 |
1 July 1962 to |
58 |
1 July 1963 to |
59 |
1 July 1964 and after |
60 |
6. Income tax rates
Marginal personal income tax rates 2009-2010 excluding Medicare.
Taxable |
Tax on |
Tax on excess |
Nil to $6,000 |
0 |
15% |
$35,000 |
$4,350 |
30% |
$80,000 |
$17,850 |
38% |
$180,000 |
$55,850 |
45% |
Source: CCH, Australian Master Tax Guide, 2009
7. Tax-free threshold
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 |
20% |
Disability income streams |
Marginal Rate** |
Other income streams |
Marginal Rate |
At or after preservation age |
Lump sum up to $150,000 |
0% |
Lump sum excess above $150,000 |
15% |
Income streams |
Marginal Rate** |
From age 60 |
0% |
*
Where the maximum tax rate is greater than 0%, the Medicare levy of 1.5% is also payable.
** 15% tax offset applies.
8. Maximum contribution base
The maximum contribution base for superannuation guarantee (SG) purposes is $40,170 per quarter.
9. Useful links
Can’t find what you’re looking for? Try the following websites.
- Current tax rates: www.ato.gov.au
- Superannuation industry issues: www.asfa.asn.au
- Social security entitlements: www.centrelink.gov.au
- Financial tips and safety checks: www.fido.gov.au