Superannuation Rates and Thresholds for 2016/2017 Year

SUPER ALERT! On 3 May 2016, the federal government announced an IMMEDIATE cut to the non-concessional contributions cap, including a cessation of the bring-forward rule. Australians are now subject to a lifetime non-concessional cap of $500,000, rather than the annual cap of $180,000 (and the bring-forward rule allowing up to $540,000 over a 3-year period for under-65s). Although this change has immediate effect, from 3 May 2016 (7.30pm), it is still subject to legislation and subject to the Coalition winning the July 2016 Federal Election (for more information on the proposed after-tax cap, see SuperGuide article New $100,000 cap: Cut to non-concessional contributions cap).

 Note: The article below lists the latest superannuation rates and thresholds for the 2016/2017 year, for the 2015/2016 year, and also for earlier financial years.

One of the most searched-for superannuation thresholds is the concessional contributions cap for the latest financial year. For the 2016/2017 year, the 2015/2016 year, and for the 2014/2015 year, the general concessional contributions cap is $30,000 while the special concessional contribution cap for over-50s is $35,000. The special over-50s cap specifically applies to those aged 49 years or over as at 30 June 2016 for the 2016/2017 year (and those aged 49 years or over as at 30 June 2015, for the 2015/2016 year).

The ATO has also released other updated superannuation rates and thresholds for the 2016/2017 year. The tables within this article also list the super rates and thresholds for the 2015/2016 year, and earlier financial years.

You can click on items in the list to the right for details of each super rate or threshold, or scroll down the page.

Concessional contributions cap

Income year Under 50 50 years to 59 years* 60 years and over*
2016/2017 $30,000 $35,000 $35,000
2015/2016 $30,000 $35,000 $35,000
2014/2015 $30,000 $35,000 $35,000
2013/2014 $25,000 $25,000 $35,000
2012/2013 $25,000 $25,000 $25,000
*Concessional contributions cap for older Australians applies in the following way for different financial years:

  • 2016/2017 year: If you were 49 years of age or older as at 30 June 2016, then your concessional contributions cap for the 2016/2017 year is $35,000.
  • 2015/2016 year: If you were 49 years of age or older as at 30 June 2015, then your concessional contributions cap for the 2015/2016 year is $35,000.
  • 2014/2015 year: The concessional cap for older Australians was broadened to those in their fifties from 1 July 2014. If you were 49 years of age or older as at 30 June 2014, then your concessional contributions cap for the 2014/2015 year is $35,000.
  • 2013/2014 year: If you were 59 years of age or older as at 30 June 2013 then you were eligible for the higher concessional cap of $35,000 for the 2013/2014 year. If you were 58 years or younger as at 30 June 2013, then you were eligible for the general concessional cap of $25,000 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

Note: 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
2016/2017 $500,000 (lifetime)* n/a*
2015/2016 (from 7.30pm on 3 May 2016) $500,000 (lifetime)* n/a*
2015/2016 (before 7.30pm on 3 May 2016) $180,000* $540,000*
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

*SUPER ALERT! On 3 May 2016, the federal government announced an IMMEDIATE cut to the non-concessional contributions cap, including a cessation of the bring-forward rule. Australians are now subject to a lifetime non-concessional cap of $500,000, rather than the annual cap of $180,000 (and the bring-forward rule allowing up to $540,000 over a 3-year period for under-65s). Although this change has immediate effect, from 3 May 2016 (7.30pm), it is still subject to legislation and subject to the Coalition winning the July 2016 Federal Election (for more information on the proposed after-tax cap, see SuperGuide article New $100,000 cap: Cut to non-concessional contributions cap).

Note: You can find more information about the non-concessional contributions cap in place before 3 May 2016 (and currently not yet officially removed from the super rules) in the following SuperGuide articles:

Maximum superannuation contribution base

Income year Per quarter Annualised
2016/2017 $51,620 $206,480
2015/2016 $50,810 $203,240
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 

Note: 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
2016/2017 $36,021 $51,021
2015/2016 $35,454 $50,454
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

Note: For the 2016/2017 year, and for the 2015/2016 and 2014/2015 years (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
    2016/2017, 2015/2016, 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.

 

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

Low-rate cap amount

Income year Cap
2016/2017 $195,000
2015/2016 $195,000
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 

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

Untaxed plan cap amount

Income year Cap
2016/2017 $1.415 million
2015/2016 $1.395 million
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 

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

CGT cap amount

Income year Cap
2016/2017 $1.415 million
2015/2016 $1.395 million
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
2016/2017 $9,936 $4,969
2015/2016 $9,780 $4,891
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.

 
 
Showing 2 comments
  • Robert
    Reply

    Very Good Article

     
  • Tom
    Reply

    Nice Article

     

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