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”.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.