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    SUPERANNUATION & PENSION

    Employer Superannuation Guarantee

     

    Maximum super contribution base – you do not have to provide the minimum support for the part of an employee’s earning above $50,810

    Concessional Contributions Cap

    Generally, a concessional contribution is a contribution that is made by or for you to a complying super fund and is assessable income of the fund (which means that the fund will pay tax on the contribution). If the contributor is able to claim an income tax deduction for the contribution, the contribution effectively comes from their ‘before-tax’ income.

     

    From 1 July 2012, taxpayers with income greater than $300,000 will have concessional superannuation contributions being taxed at 30% (rather than 15%). Division 293 tax was introduced to reduce the tax concessions received by high income earners on super contributions.

    Non concessional Contributions Cap

    Non-concessional contributions are generally the ‘after-tax’ contributions you make to a super fund and are not included in the fund’s assessable income. The Non concessional Contributions limits are

     

    If you are aged 65 or over, you must satisfy a work test to make super contributions. You cannot make super contributions beyond the age of 74.

    Work test - the work test requires you to be gainfully employed. To satisfy the work test, you must work for at least 40 hours during a consecutive 30-day period each financial year. Unpaid work does not meet the definition of 'gainfully employed'

    When aged 65 or over, you cannot take advantage of the bring-forward rules when making non-concessional contributions.  If you were 64 years on 1 July of the financial year, the bring-forward rule is available; and if you make the non-concessional contributions before turning 65 during that financial year, then you do not have to satisfy a work test.

    Account based pensions

    Minimum pension payments that must be paid from a superannuation fund is based on the members age.

     


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