The ATO has released the contributions caps for the 2011/2012 year – again, no change from the 2010/2011 year caps. The ATO has also released other updated superannuation rates and thresholds, including the co-contribution income thresholds, for the 2011/2012 year.
The following main caps, rates and thresholds for next year, the current year and the most recent previous years, are listed in the tables below:
- Concessional (before-tax) contributions cap
- Non-concessional (after-tax) contributions cap
- Co-contribution income thresholds
- Minimum annual pension (income stream) payments
- Untaxed plan cap amount
- CGT cap amount
- Tax-free part of genuine redundancy payment
Concessional (before-tax) contributions cap*
| Income year | Cap | Transitional cap for over-50s |
| 2011/2012 | $25,000 | $50,000 |
| 2010/2011 | $25,000 | $50,000 |
| 2009/2010 | $25,000 | $50,000 |
| 2008/2009 | $50,000 | $100,000 |
Non-concessional (after-tax) contributions cap*
| Income year | Cap | Bring-forward rule |
| 2011/2012 | $150,000 | $450,000 |
| 2010/2011 | $150,000 | $450,000 |
| 2009/2010 | $150,000 | $450,000 |
| 2008/2009 | $150,000 | $450,000 |
*We explain the
- Super concessional contributions 2011/2012 survival guide
- Your 2011/2012 guide to non-concessional after-tax contributions
Maximum superannuation contribution base
The maximum superannuation contribution base (MSCB) is used by
| Income year | Per quarter | Annualised |
| 2011/2012 | $43,820 | $175,280 |
| 2010/2011 | $42,220 | $168,880 |
| 2009/2010 | $40,170 | $160,680 |
| 2008/2009 | $38,180 | $152,720 |
Co-contribution income thresholds^
| Income year | Lower income threshold | Upper income threshold |
| 2011/2012 | $31,920 | $61,920 |
| 2010/2011 | $31,920 | $61,920 |
| 2009/2010 | $31,920 | $61,920 |
| 2008/2009 | $30,342 | $60,342 |
^The co-contribution matching rate is 100% of the non-concessional (after-tax) contributions that you make, but note that the maximum co-contribution that you can receive is $1,000. Note that the thresholds have been frozen for the 2010/2011 and 2011/2012 years.
Minimum annual pension (income stream) payments
When you commence an account-based pension, you must withdraw a minimum amount each year based on your age and account balance as at 1 July. In previous years (since the Global Financial Crisis), the Government has halved the minimum payments required to enable retirees to preserve capital.
| Percentage factors | Temporary relief | Temporary relief | |||
| 2011/2012 year | 2010/2011 year | 2009/2010 year | 2008/2009 year | ||
| Age | |||||
| 55-64 | 4% | 3% | 2% | 2% | 2% |
| 65-74 | 5% | 3.75% | 2.5% | 2.5% | 2.5% |
| 75-79 | 6% | 4.5% | 3% | 3% | 3% |
| 80-84 | 7% | 5.25% | 3.5% | 3.5% | 3.5% |
| 85-89 | 9% | 6.75% | 4.5% | 4.5% | 4.5% |
| 90-94 | 11% | 8.25% | 5.5% | 5.5% | 5.5% |
| 95 or older | 14% | 10.5% | 7% | 7% | 7% |
Low-rate cap amount
The low-rate cap amount relates to the tax treatment of lump sums from super funds. For most super fund members, over a person’s lifetime, any super benefits received as a lump sum up to the low-rate cap amount, are tax-free. In the case of lump sums received from untaxed sources (some
| Income year | Cap |
| 2011/2012 | $165,000 |
| 2010/2011 | $160,000 |
| 2009/2010 | $150,000 |
| 2008/2009 | $145,000 |
Untaxed plan cap amount
The untaxed plan cap amount relates to the tax treatment of lump sum benefits that are sourced from super benefits that have not been subject to the super
| Income year | Cap |
| 2011/2012 | $1,205,000 |
| 2010/2011 | $1,155,000 |
| 2009/2010 | $1,100,000 |
| 2008/2009 | $1,045,000 |
CGT cap amount
| Income year | Cap |
| 2011/2012 | $1,205,000 |
| 2010/2011 | $1,155,000 |
| 2009/2010 | $1,100,000 |
| 2008/2009 | $1,045,000 |
Tax-free part of genuine redundancy payments
| Income year | Base limit | For each complete year of service |
| 2011/2012 | TBA in May | TBA in May |
| 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 site), or you can visit the ATO website.
See also
- Super rates and thresholds for the 2010/2011 year
- Super rates and thresholds for the 2009/2010 year
- Cashing in on the co-contribution rules (2011/2012 year)
- Super concessional contributions: 2011/2012 survival guide
- Your 2011/2012 guide to non-concessional (after-tax) contributions
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