Superannuation, Age Pension and income tax rules for 2019-20
Happy new (financial) year!
In this special edition we’ve updated all SuperGuide articles that cover the key rules, regulations, rates and thresholds for the 2019-20 financial year, and highlighted some of the key changes that come into place from 1 July 2019.
- SUPER RULES: A number of superannuation rules come into force on 1 July 2019, including the Protecting Your Super reforms, expansion of the Pension Loans Scheme and the introduction of an exemption from the work test for voluntary superannuation contributions in the first income year after retirement. You can now also take advantage of the carry-forward contributions rule for the first time. In the first two articles below you can read overviews of the main rule changes as well as the key rates and thresholds for 2019-2020.
- SUPER CONTRIBUTIONS GUIDES: Our guides for concessional and non-concessional contributions, plus co-contributions and the Low Income Superannuation Tax Offset (LISTO) have all been updated for 2019-2020.
- SUPER AND TAX GUIDES: The super tax rules can seem complicated, particularly in terms of how they apply before and after the age of 60. For your reference we have updated our comprehensive super and tax guides.
- AGE PENSION: The assets and income test and deeming rate thresholds all increase on 1 July 2019, which means that more Australians can receive a full or a higher part Age Pension. The work bonus also increases from $250 to $300 per fortnight, and the Age Pension age increases to 66.
- INCOME TAX: Learn about the legislated income tax rates for 2019-2020, including the low income tax offset (LITO), the low and middle income tax offset (LMITO) and the senior Australians and Pensioners Tax Offset (SAPTO). Note that there were also income tax cuts announced in the 2019 Federal Budget, but those have not yet passed into law.