2019-20 Update on Super Rates and Thresholds, in brief, the ATO on 4 March 2019 have published the super rates and thresholds for the upcoming 2019/20 financial year.
There is no change to the concessional contribution (CC) cap of $25,000. Whilst indexation from 1 July 2017 increases in $2,500 increments, the AWOTE indexation was insufficient to trigger and increase. As a result, there is no change to the non-concessional contribution (NCC) cap of $100,000.
|Income year||Your age at this date||Concessional contribution cap|
Note that that first year of any unused concessional cap carry-forward rules commences in 2019/20 financial year and is subject to a member’s total superannuation balance (TSB) being less than $500,000 at 30 June 2019.
The low rate cap, the ETP cap for life benefit termination payments and the death benefit termination payments ETP cap for the 2018/19 income year all increase to $210,000.
The CGT cap amount and untaxed cap plan amount increases to $1,515,000.
The maximum contributions base indexes to $55,270 per quarter for the 2019/20 income year, providing an annual equivalent of $221,080.
No change occurs to the general transfer balance cap of $1,600,000 for the 2019/20 income year, nor the defined benefit income cap of $100,000.
For more on 2019-20-update-on-super-rates-and-thresholds, see ATO here.