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BRISBANE ACCOUNTANTS / MORAYFIELD ACCOUNTANTS
SUPERANNUATION
TAX
DEDUCTIBLE CONTRIBUTIONS
EMPLOYERS
Employers usually contribute 9.5% of ordinary time earnings to your
superannuation fund and then claim a tax deduction.
These are called concessional contributions and your superannuation
fund pays 15% contributions tax to the ATO.
SELF EMPLOYED SOLE TRADERS AND
PARTNERSHIPS
Self employed sole traders and partnerships can claim a tax
deduction if employee assessable income including reportable fringe
benefits and superannuation contributions is < 10% of total
assessable income.
These are called concessional contributions and your superannuation
fund pays 15% contributions tax to the ATO.
CONCESSIONAL CONTRIBUTION LIMITS
UNDER 50 $27,5000
OVER 50 $50,000 if your total superannuation fund
is < $500,000 otherwise $27,500.
NON CONCESSIONAL CONTRIBUTIONS
These are non tax deductible contributions.
LIMITS
UNDER 65
$110,000 per year or $330,000 over 3 years.
OVER 65
$110,000 per year and must satisfy work test.
ALLOCATED PENSIONS
Superannuation funds do not pay tax on the portion of its fund that
is part of an allocated pension.
MINIMUM ALLOCATED PENSIONS
The minimum superannuation pension payments for the year
ended 30 June 2011 is 50% of the rates below.
The minimum superannuation pension payments for the year ended 30 June 2012 is 75% of the rates below.
The minimum superannuation pension payments for the year ended 30 June 2013 is 75% of the rates below.
AGE
55 - 64
4%
65 - 74
5%
75 – 79 6%
80 – 84 7%
85 – 90 9%
90 – 94 11%
> 95 14%
SUPERANNUATION LUMP
SUM TAX TABLE
Member benefit – Taxable component – Taxable
element
Under preservation age
21.5%
Over preservation age but under 60
Nil for first $165,000 then 16.5%
Over 60 Nil
Member benefit – Taxable component – Untaxed
element
Under preservation age
31.5% for first $165,000 then 46.5%
Over preservation age but under 60
16.5% for first $165,000 then 31.5%
Greater than $1,205,000 then 46.5%
Over 60 16.5% for first $1,205,000 then 46.5%
INCOME STREAMS FROM A TAXED SUPER FUND
Member benefit – Tax Free component
Personal contributions not claimed as a tax deductions.
Crystallized segment eg undeducted contributions, exempt capital
gains, etc.
Member benefit – Taxable component – Taxable
element
Under preservation age
21.5%
Over preservation age but under 60
Nil for first $165,000 then 16.5%
Over 60 Nil
Member benefit – Taxable component – Untaxed
element
Under preservation age 31.5% for first $165,000 then 46.5%
Over preservation age but under 60
16.5% for first $165,000 then 31.5%
Greater than $1,205,000 then 46.5%
Over 60 16.5% for first $1,205,000 then 46.5%
SUPER INCOME STREAM TAX OFFSET
Member benefit – Taxable component – Taxable
element
Under preservation age Nil
Over preservation age but under 60
15%
Over 60 Nil
Disability super income stream tax offset
Under preservation age 15%
Over preservation age but under 60
15%
Over 60 Nil
PRESERVATION AGE
Date of birth Age
< 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
> 1 July 1964 60
Death benefit lump sum paid to non dependants
Taxable component – Taxed element 16.5 %
Taxable component – Untaxed element 31.5 %
Death benefit lump sum paid to dependants
Taxable component – Taxed element Nil
Taxable component – Untaxed element Nil
Rollover superannuation benefits
Taxable component – Taxed element Nil
Taxable component – Untaxed element Nil for first $1,205,000 then
46.5%
Lump sum benefit < $200 Nil
Lump sum benefit terminally ill Nil
CGT Cap Amount $1,205,000
Superannuation co-contribution
Maximum entitlement $1,000 < $31,920 if > then lose 3.333 cents per
$1 till $61,920
Google ATO Key superannuation thresholds
CONDITIONS OF RELEASE
Are governed by the rules set out in the super fund’s trust deed.
RETIREMENT
< 65 Occurs when an arrangement under which they were gainfully
employed ceased and the member does not intend to be employed either
full or part time in the future.
ATTAINING THE AGE OF 65
May cash benefits at any time.
BENEFITS < $200
May cash at any time.
PERMANENT INCAPACITY
May cash at any time
TEMPORARY INCAPACITY
May only cash insurance or voluntary employer benefits.
SEVERE FINANCIAL HARDSHIP
Can not meet reasonable and immediate family living expenses.
Has been receiving government support for 26 weeks.
Restricted to $10,000 in 12 month period.
COMPASSIONATE GROUNDS
Google ATO Conditions of release
SENIOR AGE TAX OFFSET
Certain low income age pensioners and self funded retirees are entitled to a special additional tax offset. This means that no tax is payable for a single person who's income is < $30,685 and a couple who's income is < $53,360.
Disclaimer
The information provided in the above documents is not intended to
be, nor should it be construed as tax advice. Any specific
recommendation for a client can only be done after their individual
circumstances have been determined by David Douglas Accountants.
We have clients from the following locations:
Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor, Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.
Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba, North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie Island, Elimbah, Kippa-Ring.
We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.