Key Super Thresholds for 2015/16 released

18 March 2015

The ATO has released the super thresholds which are to apply to the 2015/16 financial year.

There are no surprises in the increased thresholds - the concessional and ordinary non-concessional contribution caps are unchanged.

The CGT non-concessional contribution cap has increased to $1,395,000 (previously $1,355,000).  This contribution cap is a lifetime cap and applies to contributions sourced from capital gains, to which either the “15 year” small business concession applies, or to which the “retirement” concession applies.

The low rate tax cap has increased to $195,000 (previously $185,000).  This cap is a lifetime cap that applies to the superannuation lump sums received in the period between your preservation age and age 60.  This cap does apply to superannuation lump sums received after age 60, as they are tax free.

The threshold for entitlement to the full Government Co-Contribution has increased to $35,454 (previously $34,488).  The Government will contribute $1 for every $2 a super member contributes (up to a maximum Government contribution of $500) if total income is less than $35,454.  If total income exceeds $35,454, the co-contribution is reduced at rate of $3.33 per $100 by which total income exceeds $35,454.  The entitlement to the co-contribution ceases once total income equals or exceeds $50,454.

The key super thresholds for 2015/16 are

  • (General) Concessional contributions cap - $30,000   (no change)
  • (Special) Concessional contribution cap - $35,000 (no change). This cap applies to taxpayers who are aged 49 or more on 30 June 2015.
  • Non concessional contributions cap $180,000 (no change)
  • CGT non-concessional contributions cap  $1,395,000 (an increase of $40,000)
  • Low rate tax cap  $195,000 (an increase of $10,000)
  • SG employer contribution rate – 9.5%  (no change)
  • Maximum SG contributions base  $50,810 (per quarter) (an increase of $1,380)
  • Government Co-Contribution - for maximum co-contribution of $500 – income not exceeding $35,454 (an increase of $966).  Entitlement to the co-contribution begins to phase out from $35,454 and is entirely phased out at $50,454 (an increase of $966).
Back Enquiry