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 SUPERANNUATION RATES AND THRESHOLDS FOR 2010/11

 



Concessional Contributions Cap - (Deductible Contributions)

The concessional contributions cap for 2010/11 is $25,000. Concessional contributions include employer contributions (including contributions made under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by a self-employed person.
A transitional concessional contributions cap applies until 30 June 2012 for people 50 years old or over. If you are 50 years old or over, the annual cap for the 2009/10, 2010/11 and 2011/12 financial years is $50,000. If you have more than one fund, all concessional contributions made to all your funds are added together and count towards the cap. This cap is not indexed.

Non-Concessional Contributions Cap - (Undetectable Contributions)

The non-concessional contributions cap for the 2010/11 is $150,000. Non-concessional contributions include personal contributions for which you do not claim an income tax deduction.
People under 65 years old may be able to make non-concessional contributions of up to three times their non-concessional contributions cap over a three-year period. this is known as the "bring-forward" option.

Minimum annual payments for the super income streams

Once you start a pension or annuity on or after 1 July 2007, a minimum amount is required to be paid each year. There is no maximum amount other than the balance of your super account. The minimum payment amounts have been halved for certain pensions and annuities for the 2008/09 and 2009/10 years. The following table shows the minimum percentage factor for each age group.
        

 Age    Minimum % withdrawal for the 2008 minimum % withdrawal
(in all other cases)* 
 Under 65                          2%                  4%
 65-74                      2.5%              5%
 75-79                      3%                  6%
 80-84                          3.5%              7%
 85-89                      4.5%              9%
 90-94                      5.5%              11%
 95 or more                      7%              14%


Preservation age:

The following table provides the preservation age which generally must be reached to access super.

                    Date of birth                 

                Preservation age                 

 Before 1 July 1960                            

                         55

 1 July 1960 - 30 June 1961

                         56

 1 July 1961 - 30 June 1962

                         57

 1 July 1962 - 30 June 1963

                         58

 1 July 1963 - 30 June 1964                

                         59

 From 1 July 1964

                         60