Below you will find a summary of the main superannuation rates and thresholds for 2020/21, as issued by the Australian Taxation Office (ATO).
As always, if you require any advice regarding your own personal financial situation, please do not hesitate to get in touch.
|Concessional Contributions Cap||$25,000|
|Non-Concessional Contributions Cap||$100,000|
|CGT Cap Amount – for non-concessional contributions||$1.565m|
|Division 293 Tax Threshold||$250,000|
|Superannuation Guarantee – maximum super contribution base per quarter||$57,090|
|Maximum Superannuation Co-contribution Entitlement:||$500|
|• Lower-Income Threshold|
• Higher-Income Threshold
|Superannuation Benefit Caps:|
|• Low-rate Cap Amount|
• Untaxed Plan Cap Amount
|General Transfer Balance Cap||$1.6m|
|Defined Benefit Income Cap||$100,000|
|Employment Termination Payments (ETP)||$215,000|
|Tax-free part of genuine redundancy payments and early retirement scheme payments:|
|• Base Limit|
• Each complete year of service
Baldwin Financial Services is based in Prospect in the northern suburbs of Adelaide.
Contact us to find out how we may be able to help you.