Superannuation rates and thresholds for 2014/2015 year

Note: This article lists the latest superannuation rates and thresholds for the 2014/2015 year, and for earlier financial years.

One of the most searched-for superannuation thresholds is the contributions cap for the latest financial year. For the 2014/2015 year, the general concessional contributions cap has increased by $5,000 to $30,000, while the special concessional cap of $35,000 for older Australians has been expanded to those aged 50 year or over (more specifically, those aged 49 years or over as at 30 June 2014).

The ATO has also released other updated superannuation rates and thresholds for the 2014/2015 year.

You can find the following caps, rates and thresholds for the 2014/2015 year, and earlier financial years, detailed in this article:

Concessional contributions cap^

Income year Under 50 50 years to 59 years* 60 years and over*
2014/2015 $30,000 $35,000 $35,000
2013/2014 $25,000 $25,000 $35,000
2012/2013 $25,000 $25,000 $25,000
*Australians aged 49 years or over as at 30 June 2014 are eligible for the $35,000 concessional cap, for the 2014/2015 year. Australians aged 59 years or over as at 30 June 2014 are eligible for the $35,000 concessional cap, for the 2013/2014 year
Income year Under 50 Transitional cap for over-50s
2011/2012 $25,000 $50,000 $50,000
2010/2011 $25,000 $50,000 $50,000
2009/2010 $25,000 $50,000 $50,000
2008/2009 $50,000 $100,000 $100,000

^You can find more information about the concessional contributions caps in the following SuperGuide articles:

Non-concessional contributions cap*

Income year Cap Bring-forward rule
2014/2015 $180,000 $540,000
2013/2014 $150,000 $450,000
2012/2013 $150,000 $450,000
2011/2012 $150,000 $450,000
2010/2011 $150,000 $450,000
2009/2010 $150,000 $450,000
2008/2009 $150,000 $450,000

*You can find more information about the non-concessional contributions cap in the following SuperGuide articles:

Maximum superannuation contribution base^

Income year Per quarter Annualised
2014/2015 $49,430 $197,720
2013/2014 $48,040 $192,160
2012/2013 $45,750 $183,000
2011/2012 $43,820 $175,280
2010/2011 $42,220 $168,880
2009/2010 $40,170 $160,680
2008/2009 $38,180 $152,720

^You can find more information about the maximum superannuation contributions base in the following SuperGuide articles:

Co-contribution income thresholds^^

Income year Lower income threshold Upper income threshold
2014/2015 $34,488 $49,488
2013/2014 $33,516 $48,516
2012/2013 $31,920 $46,920
2011/2012 $31,920 $61,920
2010/2011 $31,920 $61,920
2009/2010 $31,920 $61,920
2008/2009 $30,342 $60,342

^^For the 2014/2015 year (and for the 2012/2013 and 2013/2014 years), the co-contribution matching rate is 50% of the non-concessional (after-tax) contributions that you make, and also note that the maximum co-contribution that you can receive is $500. For more information about the co-contribution rules see the following SuperGuide articles:

Minimum annual pension (income stream) payments

Back to normal Temporary relief
    2014/2015 and 2013/2014 years 2012/2013 and 2011/2012 years* 2010/2011, 2009/2010 and 2008/2009 years
Age Percentage factors (PF)  No relief 75% of PF 50% of PF
55-64 4% 4% 3% 2%
65-74 5% 5% 3.75% 2.5%
75-79 6% 6% 4.5% 3%
80-84 7% 7% 5.25% 3.5%
85-89 9% 9% 6.75% 4.5%
90-94 11% 11% 8.25% 5.5%
95 or older 14% 14% 10.5% 7%

*For the 2012/2013 year and for the 2011/2012 year, the annual minimum pension payment factors were 75% of the usual factors.

For more information about the minimum pension payment rules see the following SuperGuide articles:

Low-rate cap amount

Income year Cap
2014/2015 $185,000
2013/2014 $180,000
2012/2013 $175,000
2011/2012 $165,000
2010/2011 $160,000
2009/2010 $150,000
2008/2009 $145,000 

For more information on the low-rate cap see the following SuperGuide articles:

 Untaxed plan cap amount

Income year Cap
2014/2015 $1.355 million
2013/2014 $1.315 million
2012/2013 $1.255 million
2011/2012 $1.205 million
2010/2011 $1.155 million
2009/2010 $1.1 million
2008/2009 $1.045 million

For more information on super benefits from an ‘untaxed source’ are taxed, see the following SuperGuide articles

CGT cap amount

Income year Cap
2014/2015 $1.355 million
2013/2014 $1.315 million
2012/2013 $1.255 million
2011/2012 $1.205 million
2010/2011 $1.155 million
2009/2010 $1.1 million
2008/2009 $1.045 million 

Tax-free part of genuine redundancy payments

Income year Base limit For each complete year of service
2014/2015 $9,514 $4,758
2013/2014 $9,246 $4,624
2012/2013 $8,806 $4,404
2011/2012 $8,435 $4,218
2010/2011 $8,126 $4,064
2009/2010 $7,732 $3,867
2008/2009 $7,350 $3,676

For more information on these rates, you can use the search function (at the top right of the SuperGuide website), or you can visit the ATO website.

© Copyright Trish Power 2009-2014

Copyright for this article belongs to Trish Power, and cannot be reproduced without express and specific consent.

IMPORTANT: SuperGuide does not provide financial advice. SuperGuide does not answer all questions posted in the comments section. SuperGuide may use your question or comment, or use questions from several readers, as the basis for an article topic that we publish on the SuperGuide website. We will not disclose names or personal information in these articles. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Readers need to seek independent advice about their personal circumstances.

Comments

  1. Robyn Cupitt says:

    I am 67 retired drawing State Super
    My husband is 63 retired and drawing super

    I receive some aged pension.

    My husband is to inherit about $150 000 from his mothers estate.

    Can we put this into our super accounts under the current rules.

  2. I plan to retire in about twelve months aged 59. I will receive a super pension from a government fund, PSS, of 26000. I realise this will be taxed. I have super funds in an industry fund, about 130,000. Is this treated separately from my PSS pension or is it also taxed at the standard rate. Would probably only draw down a certain amount each year.

  3. CHRIS CAVANAGH says:

    Can you please explain to me if I am intitled to the full age pension I have $200,000 in super from the goverment can I take a public servant pension and still receive the old age.
    As a couple you are intitled to have $264,000 in the bank and still receive the old age pension.
    Would rather have it in two pensions than in the bank dwindiling away

  4. For a retiree in pension phase super, , turning 65 in September 2009, what is the prescribed percentage pension payment for FY 9/10 ? Thank you.

  5. Hi there,

    We are an employer and are wanting to understand if there are any tax implications if we pay staff that earn over $175K with the 9% super rather than capping it?

    Many thanks
    Dina

  6. Geoff Pratt says:

    Compulsory SMSF Allocated Pension percentages.
    Have Super Guide and other superannuation industry bodies lobbied the relevant politicians and departments to consider a tapering increase if/when Temporary Relief measures are reviewed for 2011 – 2012.
    While markets and values dropped suddenly with the GFC, recovery is only very gradual for many classes of investment.

    • Hi Geoff
      Many thanks for your comments and question. I cannot comment on any private lobbying by industry associations but my personal view is that the temporary pension relief should be extended into the 2011/2012 year.
      I am hoping the Government will release some information on this issue well before the start of the 2011/2012 year indicating the Government’s position so retirees can plan ahead
      Regards
      Trish

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