* The exemption does not apply to capital gains made as a result of paying a pension in specie.  Accumulation mode rates apply.

** From 1 July 2017, tax payable on Concessional Super Contributions, by anyone with ‘income’ plus ‘low tax super contributions’ of $250,000 p.a. or more, will increase from 15% to 30%.

** From 1 July 2012 to 30  June 2017, tax payable on Concessional Super Contributions, by anyone with ‘income’ plus ‘low tax super contributions’ of $300,000 p.a. or more, increased from 15% to 30%.

** Low Income Super Tax Offset (LISTO) may apply to reduce tax rate to zero.

Refer to the links below

Note 1 – From 1 July 2013, excessive concessional contributions are taxed at the taxpayer’s marginal tax rate plus Medicare levy,  less a 15% tax offset for the tax that the superfund has paid on the contribution. A penalty charge and interest penalty also applies. Refer to the link below to Excess Concessional Contributions.

* The exemption does not apply to capital gains made as a result of paying a pension in specie.  Accumulation mode rates apply.

**From 1 July 2012, tax payable on Concessional Super Contributions, by anyone with ‘income’ plus ‘low tax super contributions’ of $300,000 p.a. or more, will increase from 15% to 30%.

Low Income Super Contributions Tax Refund may apply – See container below for details.

The LISC Tax Refund continues until 30 June 2017. 

From 1 July 2017 it is replaced by LISTO -  a Refundable Tax Offset rather than a Tax Refund (see link below) but still limited to $500 from 1 July 2017 even though the SG rate is now 9.5%

This concession means that the government effectively refunds superannuation contributions tax for some, by contributing up to $500 per annum to super for workers on adjusted taxable incomes up to $37,000 per annum.  The government contributions will be paid in the subsequent tax year.

Low earners who receive less than 10% of their income through employment or business will not be eligible.

The contribution amount is calculated by multiplying concessional contributions by 15% (maximum payment $500).

To receive the maximum annual payment of $500 an individual needs to receive concessional contributions of $3,330 – calculated as 9% x $37,000.

The contribution will form part of the tax-free component within the fund.

For more information refer to the link below.

Treatment of post-tax contributions in ‘excess’ of $1 million made since 10 May 2006:

> If made before 6 December 2006 – make an application to the ATO before 30/6/2007 to withdraw the funds without penalty.

> If made between 7 December 2006 and 30 June 2007 – you will be issued with an assessment for a tax liability of 46.5% of the excess contributions above $1 million.  You may be able to apply to the Commissioner of Taxation to exercise his discretion to disregard or reallocate the contributions to a different income year under certain circumstances. 

2006/2007

2005/2006 & 2004/2005