Taxation information (2011/2012)
Concessional (deductible) contributions
The maximum deductible contribution applies to contributions made by all employers and self employed deductible contributions.
| Age of member | Maximum deductible contribution |
|---|---|
| Under 50 | $25,000 |
| Over 50 | $50,000* |
* Transitional arrangements apply until 30 June 2012
Non-Concessional (undeducted) contributions
The maximum personal contribution where a deduction is not claimed.
| Maximum | $150,000 per annum |
| Bring Forward Rule | Available until age 65. Members can bring forward 2 years of non-concessional contributions to a maximum of $450,000 over 3 years. |
Reduced government co-contribution
The 2010 Federal Budget announced that from 1 July 2010,
- it would permanently retain the co-contribution matching rate at 100%; and
- the maximum co-contribution that is payable on an individual's eligible personal non-concessional super contributions at $1000
They also announced they would freeze the super co-contributions indexation rate applied annually to income thresholds for 2010-11 and 2011-12 at
- $31,920 (the lower income threshold)
- $61,920 (the higher income threshold)
Eligibility
The super co-contribution is a government measure to boost super savings. If you are a low or middle income earner, you may be able to receive the super co-contribution from the government by making eligible personal superannuation contributions to your fund. You do not have to contribute the full $1,000 to be eligible - any amount up to $1,000 will attract the super co-contribution.
The co-contribution:
- must be preserved in a super fund or retirement savings account - and can only be accessed when other preserved amounts can be accessed
- it is not included as income in your tax return
- will not be subject to tax when paid to the fund or RSA provider
- will not be taxed when received as a benefit.