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News

Updated Tax Thresholds for 2008/09

Age Based Contribution Limits from 1 July 2008
Concessional Contributions - under age 50 $50,000 pa
Concessional Contributions - age 50 or over $100,000 pa
Non-concessional Contributions $150,000 pa
Benefit Related Thresholds from 1 July 2008
Age / Status
Component and Treatment
Age 60 or over Tax Free
Preservation Age to age 59 Tax Free component is tax free
Taxable Component
  • first $140,000 is tax free
  • balance is taxed at 15% plus Medicare levy
Less than Preservation Age

Tax Free component is tax free

Taxable Component

  • 20% plus Medicare levy
Superannuation Guarantee Thresholds from 1 July 2008
Superannuation Guarantee contribution rate 08/09 9%
Maximum superannuation contribution base $38,180 per quarter
Minimum monthly earnings $450 per month
Superannuation Guarantee Payment Dates from 1 July 2008
SG Quarter
Due date for SG payment
Due date for lodgment of SG Statement and payment of SG Charge if SG payment is not made by due date.
1 July 2008 - 30 September 2008 28 October 2008 28 November 2008
1 October 2008 - 31 December 2008 28 January 2009 02 March 2009
1 January 2009 - 31 March 2009 28 April 2009 28 May 2009
1 April 2009 to 30 June 2009 28 July 2009 28 August 2009
Superannuation Co-Contribution Thresholds from 1 July 2008
Lower Income Threshold $30,342 pa
Higher Income Threshold $60,342 pa
Age-based Contribution Rules
Age Group
Employer Contributions
Member Contributions
  Superannuation Guarantee Award or other Mandated Voluntary All
Under Age 65 Allowable Allowable Allowable Allowable
Age 65 - 69 Allowable Allowable Only if you have worked at least 40 hours in not more than 30 consecutive days in the financial year Only if you have worked at least 40 hours in not more than 30 consecutive days in the financial year
Age 70 - 74 Not allowed Allowable Only if you have worked at least 40 hours in not more than 30 consecutive days in the financial year Only if you have worked at least 40 hours in not more than 30 consecutive days in the financial year
Age 75 and over Not allowed Allowable Not allowed Not allowed

 

More Information

For more information, please contact the ATO Superannuation Hotline - 13 10 20

 

IMPORTANT NOTE:

The information provided should not form the sole basis for any action that you take. It is important to first discuss your specific circumstances with your financial Adviser.

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