Contributions caps

The concessional contributions cap for 2018–2019 is $25,000 for members of all ages (unchanged from 2017–2018). As the concessional cap is now only indexed in $2,500 increments in line with average weekly ordinary time earnings, it is not expected to increase to $27,500 until 2023 based on the current rate of wages growth. 

The non-concessional contributions cap (which is set at four times the concessional cap) is also unchanged at $100,000 for 2018–2019 (or $300,000 under the "bring-forward" rule over three years).

The CGT cap amount for non-concessional contributions is $1.480 million for 2018–2019 (up from $1.445 million in 2017–2018).

Super guarantee

While the super guarantee percentage is frozen at 9.5% until 1 July 2021, the "maximum contribution base" will rise to $54,030 per quarter in 2018–2019 (up from $52,760 for 2017–2018). An employer is not required to provide the minimum super guarantee support for that part of an employee's ordinary time earnings (OTE) above the quarterly maximum contribution base (ie $54,030 for 2018–2019). This quarterly maximum represents a per annum equivalent of $216,120 for 2018–2019.

Government co-contributions

The government co-contribution lower income threshold is $37,697 for 2018–2019 (up from $36,813 for 2017–2018). The higher income threshold is $52,697 (up from $51,813).

Super benefits

The following indexed thresholds for certain superannuation payments apply for 2018–2019:

  • Superannuation lump sum low rate cap: $205,000 (up from $200,000 in 2017–2018).
  • Untaxed plan cap: $1.480 million (up from $1.445 million).
  • ETP cap amount: $205,000 (up from $200,000).
  • Genuine redundancy and early retirement payments – tax-free amounts:
  • base amount: $10,399 (up from $10,155); and
  • service amount: $5,200 (up from $5,078).

Pension cap

The general transfer balance cap will remain at $1.6 million for 2018–2019 (unchanged from 2017–2018). This also means that the "defined benefit income cap" of $100,000 per annum is unchanged for 2018–2019. Likewise, the "total superannuation balance" threshold of $1.6 million is unchanged.

Source: www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/.