Superannuation Checklist for 2011 / 2012
Thursday, December 8, 2011 by Wakeful Partners |
| Taxonomy: Hints / Tips, Information / Dates
Superannuation Guarantee (9%)
For 2011/12 the minimum superannuation contribution rate is 9% (9% of ordinary times gross earning). No superannuation guarantee is required for the following:
- Employees paid less than $450 in a calendar month
- Employees aged 70 years and over (the Government plan to lift this age to 75 from 2013)
- Employees aged under 18 working less 30 hours week
The Superannuation Guarantee (SG) contribution rate is set to increase from 9% to 12%. From 1st July 2013 the current rate of 9% is set to rise gradually until it reaches 12% in 2020 as per the table below;
||Superannuation Guarantee Rate (%)
Tax Deductible Contribution Limits
From 1st July 2010 the limits for contributions into superannuation are as follows:
- Under 50: $25,000
- Over 50: $50,000
From 1st July 2012 individuals aged over 50 with total superannuation balances less than $500,000 will be able to make concessional contributions of up to $50,000. This will be double the $25,000 cap, which would otherwise apply from this date.
After Tax Contribution Limits
These contribution limits have not changed. The non concessional limit is $150,000 pa for everyone. It is not dependent on age.
You can also bring forward two years worth of contributions to contribute at once. This can mean a total contribution of $450,000 per person can be transferred into the superfund up to the age of 65.
Commencement of Pension
You can commence to receive an account based pension from your superannuation fund when you meet the condition of release.
- Reached applicable preservation age
- Terminated and retired from employment
- Attained the age 65
- Permanently disabled or in financial hardship
Note preservation age when you can access super is as follows:
|Date of Birth
|Between 1/7/1961 – 30/9/1964