The Tax Office has announced some of the key superannuation rates and thresholds for 2012-13. These indexed rates and thresholds cover:
This article summarises the proposals.Lisa Lynch, Thomson Reuters
The concessional contributions cap of $25,000 and the non-concessional contributions cap of $150,000, remain unchanged for 2012-13. This is because indexation only applies in increments of $5,000 (rounded down). The $25,000 cap will not increase to $30,000 until Average Weekly Ordinary Times Earnings (AWOTE) has increased by at least 20%..
The CGT cap amount for contributions has been increased to $1.255m for 2012-13 (up from $1.205m for 2011-12). A taxpayer can exclude superannuation contributions from his or her non-concessional contributions cap up to this indexed lifetime CGT cap amount.
The following thresholds have been increased for 2012-13:
Employment termination payments
Employment termination payments (ETPs) made in consequence of termination of employment are subject to the following indexed caps for 2012-13:
You can read the document, Key superannuation rates and thresholds (dated 24 February 2012), here on the ATO website.
Source: This article was first published in Thomson Reuters' Weekly Tax Bulletin. To subscribe to Weekly Tax Bulletin, or for more information, please:
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