The Australian Taxation Office (ATO) has released key super contribution caps, rates and thresholds for the 2016/17 year. These include:
- Concessional contribution caps – for persons aged less than 49 on 30 June 2016 the cap will remain at $30,000 - for persons aged 49+ on 30 June 2016 the higher cap of $35,000 will apply;
- Non-concessional contributions cap- will remain at $180,000, while the “bring forward” cap will remain at $540,000;
- CGT contributions cap - will increase to $1,415,000.
- Super guarantee maximum super contribution base- will increase to $51,620 per quarter, while the super guarantee rate will remain at 9.5%;
- Lump sum low rate cap- will increase to $195,000.
To discuss this further or for more information, please contact: