Changes for super 2018-19
THE 1 JULY 2018 CHANGES TO SUPER
· 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.
Lower income threshold $36,813
Higher income threshold $51,813
Concessional contributions cap
Income year Cap amount
Non-concessional contributions cap
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
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%
95 or more 14%