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:
Leigh is a partner in the Maddocks Tax & Revenue team.
Leigh regularly provides advice on:
His advice covers both direct and indirect tax considerations.
Leigh advises Australian and multinational companies, high net worth individuals, accountants and financial advisers on all areas of taxation law.
The legal information and commentary on this site is general only. Documents ordered through Cleardocs affect the user's legal rights and liabilities. To assess their suitability for the user, legal accounting and financial advice must be obtained.
For more information, contact Maddocks on (03) 9258 3555 and ask to speak to a member of their team.