Important SMSF Reference Material
Running your own Self Managed Super Fund? There are important facts and figures you need to keep up-to-date on:
- Contributions caps,
- Income Streams (Pensions),
- Superannuation benefits (lump sums, death benefits),
- Further Info: Pensions, Centrelink, and Economic information,
Concessional (before-tax) contributions cap
|Financial year||Cap||Transitional cap for over-50s|
Non-concessional (after-tax) contributions cap
|Financial year||Cap||Bring-forward rule|
Excess Contributions Tax (ECT) will apply to amounts contributed into super above the thresholds shown above. The excess tax rate is:
- Concessional contributions – 31.5%
- Non-concessional contributions – 46.5%
Any excess concessional contributions also count towards the non-concessional contribution cap.
CGT cap amount
For further information regarding contributions, watch our educational video on contributing into super.
Contributing to Super
The following tests apply to determine whether a super fund can receive a contribution for a member.
|Age of Member||Test|
|65 to 69||
|70 to 74||
|75 and over||
Superannuation Guarantee – contribution base
The maximum superannuation contribution base (MSCB) is used by employers to work out the maximum Superannuation Guarantee (SG) liability they may have for an employee. If an employee’s income exceeds the MSCB, then the employer only has to make compulsory SG contributions up to the MSCB.
|Income year||Per quarter||Annualised|
|Income year||Lower income threshold||Upper income threshold|
The co-contribution matching rate is 100% of the non-concessional (after-tax) contributions that you make, but note that the maximum co-contribution that you can receive is $1,000. Note that the thresholds have been frozen for the 2010/2011 and 2011/2012 years.
Minimum pension payments
An account-based pension requires the member to withdraw a minimum amount each year based on your age and account balance as at 1 July. As a result of the Global Financial Crisis (GFC), the Federal Government has halved the minimum payments required to be withdrawn.
|Age||Percentage factors||50% Reduced Minimum Percentage factors|
|2011/2012 year||2010/2011 year||2009/2010 year|
|95 or older||14%||10.5%||7%||7%|
A 10% maximum payment applies to Transition to Retirement Income Streams.
The taxable component of an income stream is taxed at the member’s marginal tax rate, subject to the following tax offset arrangements:
|Age of Member||Paid from SMSF (taxed fund)|
|Below preservation age||No tax offset available|
|At or above preservation age||15% tax offset available on taxable component|
|Age 60 year of above||Non-assessable non-exempt income (tax-free)|
Lump sum withdrawals from a self-managed super fund (taxed fund) are tax-free if the member is age 60 or older at the time of withdrawal. If the member is under 60, the follow rates will apply:
|Element||Tax (excluding Medicare levy)|
||Nil on first $165,000; balance at 15% maximum|
* see annual threshold information in the table below:
Death Benefit Superannuation Payments (excluding Medicare Levy)
|Death Benefit Payment||Tax|
|Paid to a Dependant||NIL|
|Paid to a Non-Dependant|
Access further information about your superannuation including pension valuation tables, Centrelink References, and Economic information from the links below:
- Account-Based Pension Min Factors (Post 1/7/2007) … >
- Allocated Pensions Min/Max Factors (Pre 1/1/06) … >
- Allocated Pensions Min/Max Factors (Post 1/1/06) … >
- Payment Factors for Market Linked Income Streams … >
- Life Expectancy for Pension Purposes … >
- Australian Life Tables 2005-07 … >
Centrelink Age Pension Information
- Personal Tax Rates … >
- Historical Bond Yields … >
- Fund Returns to 30 June … >
- ASX 200 Accumulation Index … >
- CPI Indexation Factors … >
- AWOTE Index Numbers … >
- Daily UK Exchange Rates … >
- Senior Australian Tax Offset … >
Further key superannuation rates and thresholds can be found on the Australian Taxation Office website.
Need more SMSF information?
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