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Date of article: 11 April 2016
Last updated: 11 April 2016

2016-17 Superannuation Tax Rates and Thresholds

The key superannuation rates and thresholds for 2016-17.

Contributions caps:

The contributions caps are unchanged from 2015-16 year. The contributions caps for 2016-17 are:


Type General cap Age 49 and over on 30 June 2016
Concessional contributions $30,000 $35,000
Non-concessional contributions $180,000 $180,000

The CGT cap amount for non-concessional contributions is $1,415,000 (up from $1,395,000).

Payments from super:

The low rate cap amount is unchanged from the 2015-16 year. The low rate cap amount for 2015-16 remains at $195,000.

There has been no change to the preservation age. The preservation age depends on date of birth.


Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60

Super guarantee percentage:

The super guarantee percentage is unchanged from the 2016-16 year, at 9.5%. The increase to 10% is scheduled for 1 July 2021, and progressive increased to 12%.

The super maximum contributions base increased to $51,620 per quarter for 2016-17 (up from $50,810).

Government contributions:

The Government co-contribution lower income threshold for maximum entitlement of $500 has been increased to $36,021 for 2016-17 (up from $25,454). The higher income threshold increased to $51,021 for 2016-17 (up from $50,454).

Low income superannuation contribution (LISC) payment has been maintained in respect of concessional contributions made up to and including 30 June 2017. Payment of LISC will cease in respect of concessional contributions made on or after 1 July 2017.

SuperStream:

The SuperStream implementation deadline for employers with 20 or more employees was 31 October 2015.

The SuperStream implementation deadline for employers with 19 or fewer employees is 30 June 2016.

By 1 July 2016, all employers should have implemented SuperStream. If your SMSF is to receive employer contributions, you will need to provide to the employer with the Electronic Service Address (ESA). Please contact us to obtain your ESA.

 

Do you need help with your situation or if you wish to discuss the above, please contact us. Our contact details.