Michael Forer
Technical

Super Threshold Changes for 2009/10

By Michael Forer

With the 2009/10 financial year about to begin it is important to note some of the changes that apply to various super thresholds for the 2009/10 year.

The new thresholds impact many planning strategies and may have implications for both existing and new clients. In addition, financial planning tools such as calculators and Statement of Advice templates will need to be reviewed and updated as a result of the changes.

The IOOF TechConnect Fast Fact Finder is currently being updated to incorporate all these changes plus any other relevant changes for the 2009/10 year and we will endeavor to have this available for distribution in mid-July. Please contact your Business Development Manager in July to receive a copy of the IOOF TechConnect Fast Fact Finder.

Superannuation contributions caps

Concessional contributions cap

Income year Amount of cap (under age 50) Amount of cap (over age 50))
2009-10 $25,000 $50,000
2008-09 $50,000 $100,000

Non-concessional contributions cap

Income year Amount of cap
2009-10 $150,000
2008-09 $150,000

People age 64 or under at 1 July may be able to make non-concessional contributions of up to three times their non-concessional contributions cap over a three-year period (i.e $450,000). This is known as the ‘bring-forward’ option.

Co-contribution income thresholds

Year Lower income threshold Higher income threshold
2009-10 $31,920 $61,920
2008-09 $30,342 $60,342

Taxation of super lump sum benefits

Low rate cap amount

Income year Cap amount
2009-10 $150,000
2008-09 $145,000

Untaxed plan cap amount

Income year amount
2009-10 $1.1 million
2008-09 $1.045 million

Tax-free part of genuine redundancy payments and early retirement scheme payments

Income year Base limit For each complete year of service
2009-10 $7,732 $3,867
2008-09 $7,350 $3,676

ETP cap amount for termination payments

Income year Amount
2009-10 $150,000
2008-09 $145,000

CGT contribution cap amount

Income year Amount
2009-10 $1.1 million
2008-09 $1.045 million

Maximum superannuation contribution base

Income year Per quarter
2009-10 $40,170
2008-09 $38,180