Super Facts & Figures

This page contains the superannuation facts and figures you may need to know. It’s your reference point to quickly find relevant tax and Superannuation Guarantee (SG) contribution rates, contribution caps or other tax information relating to your super.

  1. Superannuation Guarantee (SG)
  2. Maximum super contribution base
  3. Government co-contribution
  4. Preservation
  5. Concessional (before-tax) contribution caps
  6. Non-concessional (after-tax) contribution caps
  7. Income streams – minimum & maximum annual payments and Transfer balance cap
  8. Tax & Tax File Number
  9. Age Restrictions on contributions
  10. Housing Affordability Measures - Downsizer Contribution and First Home Super Saver Scheme

1. Superannuation Guarantee (SG)

The Superannuation Guarantee (SG) is the compulsory amount your employer must contribute to your super account.  Your employer must pay the SG if you are:
 
  • 18 years old or over, and
  • receive $450 or more (before tax) in salary or wages in a calendar month.
If you are under 18, you also need to work more than 30 hours per week to qualify for the SG contribution.
 
Since 1 July 2013, individuals aged 70 and over are also eligible for SG contributions.
 
The SG contribution is a percentage of your earnings set by the Government.  For 2019-20, the rate is 9.5% of your ordinary time earnings (that is, the salary you earn for your ordinary hours of work).  The rate will gradually increase to 12% by 1 July 2025.
 
Financial year SG rate
July 2014-June 2021 9.50%
2021-22 10.00%
2022-23 10.50%
2023-24 11.00%
2024-25 11.50%
From 1 July 2025 12.00%

For SG rates prior to the current financial year, see here.
 

2. Maximum super contribution base

The current SG contribution rate is 9.5% of your earnings up to a certain limit.  This limit is called the maximum super contribution base.  If you earn above that limit for each quarter, your employer does not have to make contributions for the part of your earnings over the limit. The maximum super contribution base is indexed each year in line with average weekly ordinary time earnings (AWOTE).
 
Financial year Maximum contribution base per quarter (quarterly earnings)
2019-20 $55,270*
2018-19 $54,030
2017-18 $52,760
2016-17 $51,620
2015-16 $50,810
2014-15 $49,430
2013-14 $48,040
2012-13 $45,750
2011-12 $43,820
2010-11 $42,220

* The equivalent annual figure for the 2019-20 financial year is $221,080. However, employers should use the maximum contribution base per quarter when calculating SG contributions.
 

3. Government co-contribution

The co-contribution is a government measure to boost super savings.
 
You may be eligible for the co-contribution if:
 
  • you make an eligible non-concessional contribution during the financial year
  • your total income (which includes reportable employer super contributions and reportable fringe benefits) is less than the higher income threshold for that financial year (see table below)
  • 10% or more of your total income is from eligible employment-related activities, running a business or a combination of both
  • you are less than 71 years old at the end of the financial year
  • you do not hold an eligible temporary resident visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa)
  • you lodge an income tax return for the relevant financial year.
  • your total superannuation balance (which includes super and pension interests) is below $1.6 million at 30 June of the previous financial year.
To qualify you must not have contributed an amount more than your non-concessional contributions cap for the relevant financial year.

The maximum super co-contribution depends on your income. If income is equal to or less than the lower income threshold ($38,564 for the 2019-2020 financial year) you may be eligible for a co-contribution of up to the full 'maximum entitlement'. For every dollar you earn above the lower income threshold, the maximum entitlement is reduced by 3.333 cents.  The co-contribution is not payable if the income is at or above the higher income threshold and a minimum payment of $20 applies with payments being rounded to the nearest five cent multiple.
 
The amount of super co-contribution depends on the amount of non-concessional (after-tax) contributions you put into your super and the 'matching rate' for the financial year in which the contribution was made.
 
Financial year Matching rate Maximum entitlement Lower income threshold Higher income threshold
2019-20 50% $500 $38,564 $53,564
2018-19 50% $500 $37,697 $52,697
2017-18 50% $500 $36,813 $51,813
2016-17 50% $500 $36,021 $51,021
2015-16 50% $500 $35,454 $50,454
2014-15 50% $500 $34,488 $49,488
2013-14 50% $500 $33,516 $48,516
2012-13 50% $500 $31,920 $46,920
2011-12 100% $1,000 $31,920 $61,920
2010-11 100% $1,000 $31,920 $61,920
 

4. Preservation

You can access your super when you retire or meet certain conditions of release.  This is called ‘preservation’.
 
Generally, super cannot be accessed until you:
 
  • reach age 65, or stop working with an employer on or after age 60
  • retire permanently from the workforce after reaching your "preservation age" as shown in the table below
  • reach your preservation age and receive super benefits as a non-commutable income stream (that is, an income stream that generally cannot be converted to a lump sum after it starts such as a transition to retirement income stream)
  • die or become totally and permanently disabled
  • are diagnosed with a terminal illness with a life expectancy of less than 24 months
  • leave or change your employer and your preserved benefit is less than $200
  • are a temporary resident permanently leaving Australia
  • satisfy the relevant Australian regulatory body that your money should be released for compassionate reasons or financial hardship (please note - Rest does not offer early payment of your super due to financial hardship).
 
Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961 56
1 July 1961 – 30 June 1962 57
1 July 1962 – 30 June 1963 58
1 July 1963 – 30 June 1964 59
From 1 July 1964 60
 

5. Concessional (before-tax) contribution caps

Concessional contributions are contributions made to your super account from your earnings before tax is deducted. These include the SG contribution, a personal contribution claimed as a tax deduction, any other employer contributions above the SG, and voluntary salary sacrifice payments. There is a limit on the amount of contributions that will be given a tax concession - this is called the concessional contribution cap. If you have more than one super fund, all concessional contributions made to all your funds in the particular financial year are added together and counted towards the cap.
 
Financial year General cap Cap for people age 50 and over during the financial year Cap for people age 60 and over during the financial year
2019-20 $25,000 N/A general cap applies to all N/A general cap applies to all
2018-19 $25,000 N/A general cap applies to all N/A general cap applies to all
2017-18 $25,000 N/A general cap applies to all N/A general cap applies to all
2016-17 $30,000 $35,000 $35,000
2015-16 $30,000 $35,000 $35,000
2014-15 $30,000 $35,000 $35,000
2013-14 $25,000 $25,000 $35,000
2012-13 $25,000 $25,000 $25,000
 

5.1 Carry-forward concessional contributions

From 1 July 2018, any unused portion of the concessional cap can be used to add contributions above the cap in subsequent years, on a rolling basis for a period of up to 5 years (2019-20 is the first financial year that unused concessional contributions can be accessed). In order to access this provision individuals must have a total superannuation balance of less than $500,000.
 
 

5.2 Excess concessional contribution

If you go over the concessional contribution cap, you will pay extra tax on the excess contributions (at your marginal tax rate, less 15% tax already paid) and the excess amount will be counted as non-concessional contributions. You also have the option of withdrawing the excess amount out of your account. The ATO will send you information on your options when a breach of this cap occurs.
 
The concessional contributions cap (the general cap as shown in the table above) is indexed annually in line with average weekly ordinary time earnings (AWOTE). Indexation does not increase the cap in some years as increases are rounded down to the nearest multiple of $2,500.
 
 

5.3 Excess concessional contribution charge

From 2013-14 onwards, an excess concessional contribution (ECC) charge applies to contributions that exceed the concessional contribution cap.
 
This charge is payable on the increase in your tax liability for the year you have excess concessional contributions.
 
The relevant charge period is calculated from the start of the income year in which the excess concessional contributions were made. It ends the day before the tax is due to be paid under your first income tax assessment for the year that includes the excess concessional contributions.
 
The ECC charge rates are updated quarterly.
 
Quarter
Annual rate
Daily rate
April – June 2019 4.94% 0.013589041095890%
January – March 2019 4.94% 0.013534246575342%
October – December 2018 4.96% 0.013589041095890%
July – September 2018 4.96% 0.013589041095890%
April – June 2018 4.77% 0.013068493150685%
January – March 2018 4.72% 0.012931506849315%
October – December 2017 4.70% 0.012876712328767%
July – September 2017 4.73% 0.012958904109589%
April – June 2017 4.78% 0.013095890410959%
January – March 2017 4.76% 0.013041095890411%
For earlier rates, see here
 

6. Non-concessional (after-tax) contribution caps

Non-concessional contributions are generally the after-tax contributions you make to a super fund. They include personal contributions you make from your after-tax pay, spouse contributions and any concessional contribution that exceeds the concessional contributions cap.  If you have more than one super fund, all non-concessional contributions made to all your funds are added together and counted towards the cap.
 
Financial year Cap
2019-20 $100,000*
2018-19 $100,000*
2017-18 $100,000*
2016-17 $180,000
2015-16 $180,000
2014-15 $180,000
2013-14 $150,000


* From July 2017, you are only eligible to make NCC contributions if you super balance is below $1.6 million at the end of the previous financial year.

If you are interested in making a larger contribution in a financial year, and you are under 65 on 1 July of that financial year, you may be able to ‘bring forward’ the next 2 years’ worth of non-concessional contributions, meaning you use some of your cap for the next 2 years to make a larger contribution in one year. For example in 2019-20 you could contribute up to $300,000 in that year then no contributions over the next 2 financial years without exceeding the cap. Therefore, the cap for the bring forward option is calculated by multiplying the non-concessional cap of the first year by three.

From 1 July 2017 the bring-forward amount and period is dependent on your total superannuation balance on the day before the financial year contributions that trigger the bring-forward. For 2019-20 financial year this is:

 
Total superannuation balance on 30 June 2019 Bring-forward amount for the first year Bring forward period
Less than $1.4 million $300,000 3 years
$1.4 million to less than $1.5 million $200,000 2 years
$1.5 million to less than $1.6 million $100,000 No bring-forward period, general NCC applies
$1.6 million or more Nil Nil


For earlier rates and additional information, see here.
 

6.1 Excess non-concessional contribution

Individuals have the option of electing to release non-concessional superannuation contributions made from 1 July 2013 which are in excess of the non-concessional contributions cap for 2013-14 and future income years. You can also request to release any associated earnings (up to 85%) that the non-concessional contribution made whilst it was in your super account.  If you elect to withdraw the associated earnings the full earnings amount will be taxed at your marginal tax rate, however a 15% tax offset will be available to recognise the tax on earning paid whilst it was inside your super account.

An associated earnings amount is calculated to approximate the amount you earned from the excess non-concessional contributions while they were held your superannuation fund. The rates used to calculate this amount each financial year are shown in the below table:
 

Income Year
Annual rate
Associated earnings rate / Daily rate
2018-19 8.96% 0.02454795%
2017-18 8.73% 0.02391780%
2016-17 8.83% 0.02419178%
2015-16 9.20% 0.02513661%

For earlier rates, see here

A valid election must be made within 60 days of the excess non-concessional contributions determination. Where an individual does not make a valid election to release excess non-concessional contributions, excess non-concessional contributions will be subject to tax of 47%.
 

7. Income streams – minimum & maximum annual payments and Transfer balance cap

7.1 Minimum annual payments

Once a pension commences, a minimum amount is required to be paid each financial year. The minimum pension payment rates for an account based pension or a transition to retirement income stream are shown in the table below.
 
Age Account based pension minimum
Under 65 4%
65-74 5%
75-79 6%
80-84 7%
85-89 9%
90-94 11%
95 or more 14%
 
 

7.2 Maximum annual payments

There is no maximum amount other than the balance of your pension account for account based pensions.

A transition to retirement income stream has a maximum amount which can be taken of 10% of the account balance at the start of the financial year or the start of the income stream.
 

7.3 Transfer balance cap

From 1 July 2017 the government is imposing a maximum amount that can be transferred into retirement phase, which includes all products such as account based pensions and annuities. The transfer balance cap applies to the total amount transferred from super into retirement phase, regardless of how many accounts an individual holds. The cap currently $1.6 million(2019-20) and will be periodically indexed with CPI in $100,000 increments. Any individual already in retirement phase will need to ensure adherence to this cap.

This cap only applies to monies held in retirement phase.
 

8. Tax & Tax File Number

8.1 Tax on super

The government provides a range of tax concessions and incentives to complying super funds such as Rest.
 
Super can be subject to tax on:
  • contributions (when contributions are made into your super account)
  • earnings (on the investments in super)
  • withdrawals.
 

8.2 Tax on contributions

Concessional (before-tax) contributions are taxed in the fund at a concessional tax rate of 15%.
 
For those with an income (including super contributions) of more than $250,000 per annum, contributions tax will effectively rise from 15% to 30% on some or all of their super contributions.

For more information, please visit the ATO website.
 
Any concessional contributions above the concessional contribution cap will be subject to additional tax.
 
A notice of excess contributions will be provided by the ATO, requiring you to pay the additional tax. You will have the option of either making a withdrawal from your super account to meet this payment, or paying it directly to the ATO.
 
For 2019-20, those with adjustable taxable income under $37,000 will receive a low income superannuation tax offset (LISTO). The LISTO payment is equal to 15% of total concessional (before-tax) contributions for a financial year, capped at $500 per year.

Non-concessional (after-tax) contributions are generally not taxed in the fund. However any non-concessional contributions above the cap which are left in super, will be taxed at the rate of 47%. However as discussed above (6.1) you can elect to withdraw the excess contribution amount from your super account to avoid paying the excess contribution tax.
 

8.3 Tax on earnings

Investment earnings from your super fund are taxed at a rate of up to 15%. This tax is reflected in the unit price for each investment option.
 
Investment earnings from your ‘retirement phase’ pension fund are tax free (up to your transfer balance cap).
 
Transition to Retirement income streams are not considered to be in ‘retirement phase’ and as such a tax rate of 15% will apply until it is in the retirement phase (ie you reach your preservation age and declare retirement or turn age 65).

 

8.4 Tax on withdrawals

Generally, if you take any part of your super benefit after age 60, no tax is payable.
 
Prior to age 60 some tax may be payable and will be deducted from your super benefit by the fund. The tax deducted depends on the components within your account. Superannuation accounts are divided into two components for tax purposes, a tax-free component and a taxable component. The tax-free component will always be tax-free, the taxable component may attract tax depending upon your age.
 
The table below shows how the different components of a super benefit are taxed.
 

Tax on lump sum superannuation payments

 
Age at date of payment or type of payment Tax free component Taxable Component#
Less than $200 Tax free Tax free
Age 60 and over Tax free Tax free
From preservation age to 59 Tax free
  • Tax free - up to the low rate cap amount
  • Taxed at 15% plus Medicare Levy - over the low rate cap amount (see table below for this figure)
Under preservation age Tax free Taxed at 20% plus Medicare Levy
Terminally ill Tax-free Tax-free
Death Benefits – paid to a beneficiary who is a  dependant for tax purposes Tax free Tax free
Death Benefits – paid to a beneficiary who is a  non-dependant for tax purposes Tax free Taxed at 15% plus Medicare Levy ^
NB – if you are receiving a payment due to Total and Permanent Disability the above age based tax rates apply, however the fund will complete a calculation to increase your tax-free component.

^ Death benefits may include an untaxed component, which is taxed at 30% plus Medicare Levy when paid to a non-dependant for tax purposes.
 

Tax on account based and transition to retirement income payments

 
Age at date of payment or type of payment Tax free component Taxable Component#
Pension payments
Age 60 and over
(NB for 2019-20, if you have a defined benefit income stream with income payments above $100,000p.a. the taxable component will be taxed)
Tax free Tax free
From preservation age to 59 Tax free Taxed at your marginal tax rate less 15% tax offset
Under preservation age Tax free Taxed at your marginal tax rate
Under preservation age and totally and permanently disabled Tax free Taxed at your marginal tax rate (if the pension payment is a disability income stream, you may be entitled to a 15% tax offset)
Pension benefits upon death if paid as a pension to your beneficiary
Either you or the recipient are aged 60 or over when you die Tax free Tax free
Both you and the recipient are aged under 60 when you die Tax free Taxed at the recipients’ marginal tax rates less 15% tax offset
 
# Note:
Additional tax may be payable on any untaxed element of your Rest account or if you have not provided us with your TFN.

The Medicare Levy for the financial year 2019-2020 and onwards is 2%


Please refer to the ATO website for more information on how the different components of superannuation benefits are taxed.


 
Departing Australia superannuation payment (DASP)
 
Component DASP tax rate before 2014-15 financial year DASP Tax rate 2014-15, 2015-16 and 2016-17 financial years DASP tax rate 2017-18 and beyond
Tax free component Nil Nil Nil
Taxed element of the taxable component 35% 38%* 35%
Untaxed element of the taxable component 45% 47%** 45%
Untaxed and taxed elements for working holiday makers
(Visa 417 or 462)
n/a n/a 65%
*Includes 3% Budget repair levy
**Includes 2% Budget repair levy
 

8.5 Low rate cap amount

The application of the low rate threshold for super lump sum payments is capped. The low rate cap amount is reduced by any amount previously applied to the low rate threshold.
 
Financial year Amount of cap
2019-20 $210,000
2018-19 $205,000
2017-18 $200,000
2016-17 $195,000
2015-16 $195,000
 
 
The above caps are indexed in line with Average Weekly Ordinary Time Earnings (AWOTE), in increments of $5,000 (rounded down).
 

8.6 Untaxed plan cap amount

The untaxed plan cap amount limits the concessional tax treatment of benefits that have not been subject to contributions tax in a super fund (untaxed elements). The untaxed plan cap amount applies to each super plan from which you receive super lump sum member benefits.
 
Financial year Amount of cap
2019-20 $1,515,000
2018-19 $1,480,000
2017-18 $1,445,000
2016-17 $1,415,000
2015-16 $1,395,000
 
 
The above caps are indexed in line with Average Weekly Ordinary Time Earnings (AWOTE), in increments of $5,000 (rounded down).
 

8.7 Tax File Number (TFN)

Before providing your TFN to us, you (member or beneficiary) need to know that:

Under the Superannuation Industry (Supervision) Act 1993, your superannuation fund is authorised to collect, use and disclose your tax file number.
 
The trustee of your superannuation fund may disclose your tax file number to another superannuation provider, when your benefits are being transferred, unless you request the trustee of your superannuation fund in writing that your tax file number not be disclosed to any other superannuation provider.
 
Declining to quote your tax file number to the trustee of your superannuation fund is not an offence. However, giving your tax file number to your superannuation fund will have the following advantages:
 
  • your superannuation fund will be able to accept all permitted types of contributions to your account/s;
  • other than the tax that may ordinarily apply, you will not pay more tax than you need to - this affects both contributions to your superannuation and benefit payments when you start drawing down your superannuation benefits; and
  • it will make it much easier to find different superannuation accounts in your name so that you receive all your superannuation benefits when you retire.
If you don’t give us your TFN, your concessional contributions will be taxed at 45% plus Medicare Levy of 2%. It also means that we can’t accept non-concessional contributions.

 
 

9. Age Restrictions on contributions

Age based restrictions apply for contributions, for example from age 65 you must meet the work test before you can make an after-tax contribution or salary sacrifice. From age 75, your fund can only accept mandated contributions such as super guarantee contributions. The table below provides an overview of age restrictions for some contribution types:
Type Under 18 Under 65 Over 65 but under 70 Over 70 but under 75^ 75 and over
Super Guarantee contributions Yes (not compulsory if working less than 30 hours per week and being paid less than $450 per month) Yes Yes Yes Yes
Voluntary employer contributions Yes Yes Subject to work test Subject to work test No
Non-concessional contributions Yes Yes Subject to work test Subject to work test No
Spouse contributions N/A Yes Subject to work test No No
Government Co-contributions Yes Yes Yes No# No

^ Includes on or before 28 days after the end of the month in which the member turns 75 years old.

# To be eligible for the Government co contribution, you will need to be aged under 71 at the end of financial year.
 

9.1 Work Test

As indicated in the table above, if you are aged 65-74 you must meet the work test before making voluntary employer, personal or spouse contributions. To meet the work test requirements a person must be gainfully employed i.e. employed or self-employed for at least 40 hours within 30 consecutive days in the financial year the contributions are made.

From 1 July 2019, person’s aged 65-74 who fail the work test may be eligible for the work test exemption, which is only available once. To be eligible you must have met the Work Test in the previous financial year and have a total superannuation balance below $300,000 at the end of the previous financial year.
 

10. Housing Affordability Measures - Downsizer Contribution and First Home Super Saver Scheme

10.1 Downsizer Contribution

You may be able to make a downsizer contribution if you sell your home after 1 July 2018 and are aged 65 or over.

The downsizer contribution can only be made from the sale of one home, subject to a cap which is the lesser of $300,000 or total sale proceeds (Couples may be able to contribute up to $600,000 combined).

There are some conditions you must meet to make a downsizer contribution, which includes:
  • there is a 10-year ownership requirement
  • the home must qualify for the CGT main residence exemption (in part or whole)
  • you must be over age 65 at the time of contribution (the work test does not apply for the downsizer contribution)
  • the contribution must generally be made within 90 days of receiving the proceeds of sale, which is usually the date of settlement.
For more information see here.
 

10.2 First Home Super Saver Scheme

From 1 July 2018, the First Home Super Saver Scheme allows first home savers to withdraw the extra contributions they have made from 1 July 2017 and use this as a deposit for their first home.

Only voluntary contributions may be eligible for withdrawal (eg salary sacrifice and after tax contributions, but not SG or contributions which exceed the caps). You can apply to have:
  • a maximum of $15,000 of your voluntary contributions from any financial year, and
  • up to a total of $30,000 contributions across all years.
You can only use the First Home Super Saver Scheme if you are:
  • over 18
  • haven’t previously owned property in Australia (unless financial hardship rules apply)
  • haven’t already requested release of your super saving under the scheme.
You can ask the ATO to make a determination of how much you can access under the scheme and once ready, request for a release.
 

You can withdraw up to:

Component Tax Treatment
100% of eligible after-tax contributions released to you tax free
85% of eligible before tax contributions taxed at your marginal tax rate, less a 30% tax offset. The ATO will withhold tax on the released amount – this will be at 17% if the ATO doesn’t know your marginal rate
Associated earnings (deemed)
 
Once you’ve received your super savings, you’ll need to:
 
  • enter into a contract to buy or build your home within 12 months (unless an extension applies)
  • move into your new home as soon as practicable and live in it for at least 6 of the first 12 months after you’ve moved in
  • let the ATO know within 28 days about your purchase and explain that you meet the above points.

If you don’t end up buying a home, there are two things you can do:
 
  • contribute the assessable released amount back into super and notify the ATO
  • pay the First Home Super Saver Tax which is equal to 20% of the assessable amount withdrawn
For more information see here.


 

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