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:
- Superannuation lump sum low rate cap - $175,000 (up from $165,000 for 2011-12). This low rate cap amount is reduced by any amount previously applied to the low rate threshold.
- Untaxed plan cap - $1.255m (up from $1.205m for 2011-12). Where benefits have not been subject to contributions tax in a superannuation fund (ie: an element untaxed in the fund) a $1.255m untaxed plan cap applies 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:
- ETP cap amount - $175,000 (up from $165,000 for 2011-12). The ETP cap amount is taxed concessionally for both life benefit termination payments and death benefit termination payments.
- Transitional ETP cap amount - The $1m upper cap amount is not indexed. It applies where an entitlement to a termination payment was established as at 9 May 2006 and the payment is made before 30 June 2012.
You can read the document, Key superannuation rates and thresholds (dated 24 February 2012), here on the ATO website.
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