Maximum super contribution base sees increase
While the super guarantee is frozen until 2021, the updated ATO superannuation thresholds show the maximum contribution base will rise to $50,810 per quarter from 2015/2016.
This is an increase from $49,430 for the 2014/2015 financial year.
The superannuation thresholds update by the ATO also indicated the superannuation lump sum low rate will also jump from $185,000 to $195,000 for 2015/2016.
Thomson Reuters senior tax writer Stuart Jones said this is positive for those looking to take a lump sum from 1 July 2015.
“Like the contributions caps, the lump sum low rate cap amount only increases in $5,000 multiples but the indexation factor for 2015/2016 just managed to clear the threshold to $195,000, instead of being rounded down to $190,000,” said Mr Jones.
The super concessional cap will however remain unchanged at $30,000 for the 2015/2016 financial year, according to the ATO update, or $35,000 for those aged 49 years and over.
Mr Stuart said as the concessional contributions cap only increases in $5,000 multiples, it is unlikely to increase from $30,000 to $35,000 until at least the 2019/2020 income year due to “stagnating wages growth”.