The ATO on 4 March 2019 have published the super rates and thresholds for the upcoming 2019/20 financial year.
There is no change to the concessional contribution (CC) cap of $25,000. Whilst indexation from 1 July 2017 increases in $2,500 increments, the AWOTE indexation was insufficient to trigger and increase. As a result, there is no change to the non-concessional contribution (NCC) cap of $100,000.
Income year
|
Your age at this date
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Concessional contribution cap
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2019-20
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All ages
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$25,000
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Note that that first year of any unused concessional cap carry-forward rules commences in 2019/20 financial year and is subject to a member’s total superannuation balance (TSB) being less than $500,000 at 30 June 2019.
The low rate cap, the ETP cap for life benefit termination payments and the death benefit termination payments ETP cap for the 2018/19 income year all increase to $210,000.
The CGT cap amount and untaxed cap plan amount increases to $1,515,000.
The maximum contributions base indexes to $55,270 per quarter for the 2019/20 income year, providing an annual equivalent of $221,080.
No change occurs to the general transfer balance cap of $1,600,000 for the 2019/20 income year, nor the defined benefit income cap of $100,000.
For further information, see https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/
Author: Aaron Dunn
Financial services professionals rely on Aaron for expertise on SMSF and the growth of the sector. Aaron’s insights into technical issues and the SMSF industry means he is regularly asked to participate in government and regulatory reviews, including the Super System Review and the Reinventing the ATO program.
Aaron is a Certified Practising Accountant (CPA) and SMSF Specialist Advisor (SSA), having worked within the SMSF sector for more than 20 years. He is the CEO & Co-founder of Smarter SMSF (formerly The SMSF Academy).
Aaron is a family man who loves his sport, in particular AFL football (Essendon) and athletics, where he was previously a nationally ranked high jumper having jumped a personal best of 2.14m.