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.
| Category | 2020/21 |
|---|---|
| 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 | $39,837 $54,837 |
| Superannuation Benefit Caps: | |
| • Low-rate Cap Amount • Untaxed Plan Cap Amount | $215,000 $1.565m |
| 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 | $10,989 $5,496 |
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.