The Australian Tax Office (ATO) has released updated superannuation rates and thresholds for the 2019/20 financial year.
The concessional contributions cap will remain at $25,000 while the non-concessional contributions cap will also stay at $100,000. The transfer balance cap will also remain at $1,600,000 for the 2019/20 year.
The main changes include:
- the low rate cap increasing from $205,000 to $210,000
- the capital gains tax cap amount and the untaxed plan cap will both increase from $1,480,000 to $1,515,000
- indexation of the lower and higher income thresholds for the government co-contribution to $38,564 and $53,564 respectively.
A full list of the rates and thresholds that will apply for the 2019/20 year is available from the ATO website.
Australian Taxation Office, Key super rates and thresholds, 4 March 2019