The ATO has published updates relating to key superannuation rates and thresholds for the 2021–22 year. Below is an overview of these changes, for more detailed information visit the ATO website.
- the concessional contributions cap is $27,500
- the non-concessional contributions cap is $110,000
- the Capital Gains Tax cap amount for non-concessional contributions is $1.615 million
- the Div 293 tax threshold amount is $250,000
- the maximum super contribution base is $58,920 per quarter
- the maximum superannuation co-contribution entitlement remains at $500, the lower-income threshold increases to $41,112 and the higher-income threshold increases to $56,112
- the low-rate cap amount is $225,000
- the general transfer balance cap is $1.7 million
- the defined benefit income cap is $106,250
- the employment termination payments cap amount for life benefit termination payments and death benefit termination payments is $225,000, and
- the base limit of the tax-free part of genuine redundancy payments and early retirement scheme payments is $11,341, and for each complete year of service is $5,672.
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The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129. May 2021.