AGEST Super. Straight forward. Simple. Fair

• Subscribe
• Tell a friend
• Change font
  • A
  • A
  • A
  • A
• Print this page
• Save this page

Super Rates & Thresholds 2011/12

Last Updated : 21 Jul 2011

The Australian Tax Office has released the key rates and thresholds relating to superannuation for the 2011/12 financial year.  A selection of those are listed below, however you can see full details on the ATO website. 

Contribution Caps
The contribution caps remain unchanged:

Concessional contributions for those under 50 continue to be limited to $25,000 per financial year and for those over 50, the limit is $50,000 (until 30 June 2012).

Non-concessional contributions remain limited to $150,000 per financial year or $450,000 if averaged over three years (for those aged under 65).

Low Rate Cap
For those aged 55-59 and making lump-sum withdrawals, the Low Rate Cap has increased to $165,000. This is the total amount that can be withdrawn from the taxed element of the taxable component of super tax-free. After this threshold, a tax rate of 15% plus Medicare applies.

For members with an untaxed element within their lump sums (this does not apply to AGEST accounts, but may apply to members withdrawing lump sums from CSS, PSS or other government defined benefit schemes), tax will apply to the untaxed element as follows:

• Age 55-59: 15% plus Medicare will apply to amounts withdrawn up to $165,000. 30% plus Medicare will apply from $165,001 to $1,205,000.
  
• Age 60+: 15% plus Medicare will apply to all amounts up to $1,205,000. The top marginal rate of tax applies to lump-sum withdrawal amount above the upper threshold (ages 55+ and 60+).

The lifetime benefit cap for ETP payments received as a result of redundancy (taxable portion) has also increased to $165,000.

Co-contribution Thresholds
The lower Co-contribution threshold is $31,920 and the upper threshold is $61,920.

Co-contribution benefits reduce on the sliding scale of 3.33 cents in the dollar for every one thousand dollars assessable income increases above the lower threshold. The maximum co-contribution is $1000, or dollar-for-dollar. This co-contribution matching rate will not change in the years ahead.

CGT Contributions from the sale of small business assets
Eligible members may be able to contribute proceeds from the sale of a small business on retirement and receive Capital Gains Tax concessions as a result. CGT contributions are exempt from the Non-concessional contribution cap and have a lifetime limit of $1,205,000 in 2011/12.