Superannuation rates and thresholds for 2008 – 2009

The ATO has announced the 2008 – 2009 indexed superannuation rates and thresholds in its publication, Key superannuation rates and thresholds:

Contributions caps are unchanged from 2007 – 2008. The concessional contributions cap is $50,000pa per person (or $100,000 for those aged 50-74). The non-concessional contributions cap is $150,000pa per person (or $450,000 every three years for those under 65).

Superannuation lump sum low rate cap is $145,000 for 2008 – 2009. The untaxed plan cap is $1.045 million.

Employment termination payments (ETPs) made in consequence of termination of employment are subject to an ETP cap amount of $145,000 for 2008 – 2009. The $1 million upper cap amount is not indexed for transitional termination payments made before 30 June 2012.

Superannuation co-contribution: The lower assessable income and reportable fringe benefits threshold to qualify for the maximum co-contribution is $30,342 for 2008 – 2009. The higher income threshold where the co-contribution completely phases out is $60,342.

Superannuation guarantee: maximum contribution base is $38,180 for each quarterly contribution period in 2008 – 2009. An employer does not need to provide the minimum nine per cent support for an employee’s earnings above this limit.

Genuine redundancy payment or approved early retirement scheme payment tax-free amount is $7,350 (fixed component) and $3,676 (years of service factor).

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