The ATO has recently released the following rates and thresholds for superannuation contributions and pension income streams which will apply for 2011 Financial Year.
Superannuation Contributions Limits
|Concessional Contributions Cap||$25,000 (no change from 2009/10)|
|Non-concessional Contributions Cap||$450,000 (no change from 2009/10)|
|CGT Non-concessional Contributions Cap||$1,155,000 (an increase of $55,000 over the 2009/10 cap)|
|Low rate cap for super lump sums||$160,000 (an increase of $10,000 over the 2009/10 cap)|
The special concessional contribution cap of $50,000 will apply for taxpayers who are 50 or more at any time during 2010/11. The special concessional contribution cap will cease to apply from 1 July 2012. As this cap is not indexed there has been no change from 2009/10.
Minimum Annual Payment for Income Streams
For 2011 and subsequent financial years, the minimum annual payment for income streams (eg account-based pensions and transition to retirement pensions) will revert to their normal rates as follows:
|Age bracket at 1 July||% of the pension account balance at 1 July|
|Under age 65||4%|
|Age 65 to 74||5%|
|Age 75 to 79||6%|
|Age 80 to 84||7%|
|Age 85 to 89||9%|
|Age 90 to 94||11%|
|Age 95 or more||14%|
The 50% reduction in the minimum rates only applied for 2008/09 and 2009/10 financial years.
The threshold levels for the Government Co-contribution for 2010/11 have yet to be released.