Superannuation Thresholds for 2019/2020 (updated)

Superannuation Thresholds for 2019/2020

Superannuation co-contribution thresholds
(max $500 per year)
Currently income must be under $38,564
(reduces where no amount payable if income over $53,564)
Concessional contributions cap
$25,000 per financial year
Non-concessional contributions cap
*$100,000 (able to contribute $300k by bringing forward two future yrs allowance)
Low rate cap amount (used for lump sum super payments if an individual is aged between 55 and 59)
$210,000 life time limit
Superannuation guarantee (SG) payments
9.5% pa (Until 30/06/2021, it will then increase 0.5% per yr until it reaches 12% on 01/07/2025)
Maximum contribution base for SG purposes
(per quarter)
$55,270

Tax free amount of redundancy payments

Flat amount
$10,638
Per full year of service
$5,320

*Per financial year, Only for superannuation balances under $1.4 million and Cap reduces to $0 for balances up to $1.6 million.

 

Account Based Pension Minimum Income (note reduced rates due to COVID-19)

% of balance as at 1 July 2019

% of balance as at 1 July 2021

Under 65
2%
4%
65-74
2.5%
5%
75-79
3%
6%
80-84
3.5%
7%
85-89
4.5%
8%
90-94
5.5%
11%
95 or older
7%
14%

 

Age Pension rates (The next review will be on the 20 March 2020)

Single (per fortnight)
20-Mar-19
20-Sept-19
Increase
Base
$843.60
$850.40
$6.80 pf
Supplement
$68.50
$68.90
$0.40 pf
Clean Energy Supplement
$14.10
$14.10
$0.00 pf
Total
$926.20
$933.40
$7.20 pf
Couple (each member of couple, per fortnight)
20-Mar-19
20-Sept-19
Increase
Base
$635.90
$641.00
$5.10 pf
Supplement
$51.60
$51.90
$0.30 pf
Clean Energy Supplement
$10.60
$10.60
$0.00 pf
Total
$698.10
$703.50
$5.40 pf

Sources: http://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds & http://www.humanservices.gov.au/customer/services/centrelink/age-pension

0

Like This