SMSF Facts Sheet. July 2015

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1 SMSF Facts Sheet July 2015

2 Key Superannuation Rates and Thresholds /16 Contributions The tables below contain the amounts of concessional and non-concessional contributions you may make to your superannuation fund without breaching your contribution caps for the 2015/16 year. Concessional (before tax) Contributions Age Contribution Cap Aged below 50 $30,000 Aged over 50 $35,000 Non Concessional (after tax) Contributions Age Contribution Cap General Cap $180,000 Bring Forward Rule (3 years) $540,000* *You can contribute $540,000 by taking advantage of the bring-forward rule allowing you to make non- concessional contributions up to $540,000 in a three year period for individuals aged under 65. Division 293 Tax Threshold If you are a high income earner and your adjusted taxable income exceeds $300,000, you will be levied a further 15% tax on concessional contributions made to your super fund (this is in addition to the 15% tax your super fund already pays on receipt of your concessional contribution). You can elect pay the additional tax personally or can elect to pay the tax from your super fund by completing a release authority form and lodging this with the ATO. Superannuation Guarantee Superannuation Guarantee is the minimum amount employers are required to contribute to an employee s nominated superannuation fund. Changes commenced from the 2013/14 financial year which will see the superannuation guarantee periodically increase from 9% to 12% by The superannuation guarantee for the 2015/16 financial year is 9.5%. Government Super Co-Contribution The Government Superannuation Co-Contribution is a payment from the Australian Government to assist eligible individuals to save for their retirement. If you are eligible and make personal super contributions, the Government will match 50% of your contributions with a Super Co-contribution up to certain limits. Income Year Maximum Co- Contribution Entitlement Lower Income Threshold Higher Income Threshold 30 June 2016 $500 $35,454 $50,454

3 To be eligible, 10% or more of your total adjusted taxable income must be from employment or business income. For earnings up to $35,454 the full co-contribution of $500 ($1,000 x $0.50) can be claimed. Above this threshold and up to $50,454 p.a., the $500 maximum will be reduced by 3.33 cents for every dollar earned over $35,454 until it cuts out at $50,454. Low Income Superannuation Contribution The Low Income Contribution is a payment from the Australian Government to assist eligible individuals to save for their retirement. If you have an adjusted taxable income of below $37,000 and have received superannuation contributions from your employer, the Government will refund the 15% contributions tax deducted from your contributions up to a limit of $500. Pension Limits Account Based Pensions & Transition to Retirement Pensions The minimum pension requirements for Account Based & Transition to Retirement Pensions for the year ended 30 June 2016 are as follows: Age Minimum Pension Factor % % % % % % % The maximum pension that you can receive from a transition to retirement income stream is 10% of the pension balance at 30 June The 10% maximum limit applies up until age 65 or up until you retire from gainful employment (whichever occurs first). Lump Sum Low Rate Cap The low rate cap is a lifetime limit that applies to superannuation lump sums received by an individual from a taxed source between the ages of 55 and 60. Income Year Low Rate Cap 30 June 2016 $195,000 Preservation Age Preservation age is the age at which a member of a Superannuation Fund may be eligible to gain access to their superannuation benefits (in some cases, other conditions must also be met).

4 Whilst most of the literature written in books or cyber space might still state the preservation age is 55 years old, from 1 July 2016 the preservation will progressively increase to age 60 by 2025 as follows: Date of Birth Preservation Age Before 1 July Between 1 July 1960 to 30 June Between 1 July 1961 to 30 June Between 1 July 1962 to 30 June Between 1 July 1963 to 30 June On or after 1 July

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