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Changes for super 2018-19


THE 1 JULY 2018 CHANGES TO SUPER

Changes

·         ATO to monitor Notice of Intent requirements – Tightening rules for tax deductions on personal contributions to ensure super fund members who receive a tax deduction on personal super contributions. This measure commences on 1 July 2018.

·         People aged 65 and over will be able to make a non-concessional contribution of up to $300,000 in proceeds from the sale of a principal residence, held for at least 10 years, into their superannuation. These new contributions will be in addition to any other voluntary contributions that people are able to make under the existing contribution rules and concessional and non-concessional caps.

·         The maximum number of trustees allowed in a self-managed super fund will be raised from 4 to 6.

·         High income earners (individuals who earn more than $263,157 a year) with multiple employers will be able to make wages from certain companies exempt from the Superannuation Guarantee (SG) to avoid breaching the Concessional Contributions Cap.


Government co-contributions – Maximum $500

The government will contribute $0.50 for each dollar contributed up to maximum co-contribution of $1,000 for at or below the lower income threshold.

2017/18

Lower income threshold $36,813

Higher income threshold $51,813

Superannuation contributions

Concessional contributions cap

Income year     Cap amount

2017/18           $25,000

2018/19           $25,000

Non-concessional contributions cap

2017/18           $100,000

2018/19           $100,000

Effective 1 July 2017, your non-concessional cap is nil for a financial year if you have a total superannuation balance greater than or equal to the general transfer cap $1.6 million in 2017/18) at the end of 30 June of the previous financial year. In this case, if you make non-concessional contributions in that year, they will be excess non-concessional contributions.

CGT cap amount

2017/18           $1.445m

2018/19           $1.480m

Super Preservation Age

Date of birth    Preservation age

Before 1/7/60             55

1/7/60 - 30/6/61         56

1/7/61 - 30/6/62         57

1/7/62 - 30/6/63         58

1/7/63 - 30/6/64         59

From 1/7/64               60

Minimum annual payments for super income stream

Under 65          4%

65-74               5%

75-79               6%

80-84               7%

85-89               9%

90-94               11%

95 or more       14%


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JH Business Services & Taxation
Accounting | Business Advisory | Tax Services
Specialist in small to medium business 
& personal tax services


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