SMSF Facts & Figures

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:

Contribution Caps

Concessional (before-tax) contributions cap

Financial year Cap Transitional cap for over-50s
2011/2012 $25,000 $50,000
2010/2011 $25,000 $50,000
2009/2010 $25,000 $50,000
2008/2009 $50,000 $100,000

Non-concessional (after-tax) contributions cap

Financial year Cap Bring-forward rule
2011/2012 $150,000 $450,000
2010/2011 $150,000 $450,000
2009/2010 $150,000 $450,000
2008/2009 $150,000 $450,000

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

Income year Cap
2011/2012 $1,205,000
2010/2011 $1,155,000
2009/2010 $1,100,000
2008/2009 $1,045,000

 

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
Below 65
  • No test applies
65 to 69
  • Member must have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year; or
  • Contributions are mandated (award or SG)
70 to 74
  • Member must have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year; or
  • Contributions are mandated (award)
75 and over
  • Contributions are mandated (award)

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
2011/2012 $43,820 $175,280
2010/2011 $42,220 $168,880
2009/2010 $40,170 $160,680
2008/2009 $38,180 $152,720

 

Co-contribution thresholds

Income year Lower income threshold Upper income threshold
2011/2012 $31,920 $61,920
2010/2011 $31,920 $61,920
2009/2010 $31,920 $61,920
2008/2009 $30,342 $60,342

 

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.

Income Streams

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

55-64 4% 3% 2% 2%
65-74 5% 3.75% 2.5% 2.5%
75-79 6% 4.5% 3% 3%
80-84 7% 5.25% 3.5% 3.5%
85-89 9% 6.75% 4.5% 4.5%
90-94 11% 8.25% 5.5% 5.5%
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)

 

Superannuation Benefits

Lump Sums

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)
Tax-Free NIL
Taxable
  • Below Preservation age
 20% maximum
  • At or above preservation age but below 60
 Nil on first $165,000; balance at 15% maximum

* see annual threshold information in the table below:

Financial year Amount of cap
2011-12 $165,000
2010-11 $160,000
2009-10 $150,000
2008-09 $145,000
2007-08 $140,000

Death Benefit Superannuation Payments (excluding Medicare Levy)

Death Benefit Payment Tax
Paid to a Dependant NIL
Paid to a Non-Dependant
  • Tax-Free component
 NIL
  • Taxable Component (taxed source)
 15%
  • Taxable Component (untaxed source)
 30%

 

Further information

Access further information about your superannuation including pension valuation tables, Centrelink References, and Economic information from the links below:

Pensions

Centrelink Age Pension Information

Economic Information

Further key superannuation rates and thresholds can be found on the Australian Taxation Office website.

Need more SMSF information?

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