Superannuation Thresholds for 2020-21 (updated)

Superannuation Thresholds for 2020/2021

Superannuation co-contribution thresholds
(max $500 per year)
Currently income must be under $39,837
(reduces where no amount payable if income over $54,837)
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)
$215,000
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)
$57,090

Tax free amount of redundancy payments

Flat amount
$10,989
Per full year of service
$5,496

*Only for superannuation balances under $1.6 million.

 

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

% of balance as at 1 July 2020

% 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 September 2021

Single (per fortnight)
20-Sept-20
20-Mar-21
Increase
Base
$860.60
$868.30
$7.70 pf
Supplement
$69.60
$70.30
$0.70 pf
Clean Energy Supplement
$14.10
$14.10
$0.00 pf
Total
$944.30
$952.70
$8.40 pf
Couple (each member of couple, per fortnight)
20-Sept-20
20-Mar-21
Increase
Base
$648.70
$654.50
$11.60 pf
Supplement
$52.50
$53.00
$1.00 pf
Clean Energy Supplement
$10.60
$10.60
$0.00 pf
Total
$711.80
$718.10
$12.60 pf

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

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