THE Australian Tax Office has announced changes that will apply from 1 July 2000 to superannuation arrangements and thresholds.
The lump sum reasonable benefit limit has risen to $506,092 from $485,692, while the pension RBL has risen to $1,012,181 from $971,382.
The maximum age-based deduction limits for employer superannuation contributions are now $11,388 for those under thirty-five, $31,631 for employees aged thirty-five to forty-nine and $78,445 for those aged at least fifty.
The concessional components of a bona fide redundancy payment and approved early retirement payment have been increased. The maximum amount that may be taken free of tax will be $5,062 plus $2,531 for each completed year of service.
The tax-free threshold of the post 30 June 1983 component of an eligible termination payment has been increased to $100,696 from its previous level of $96,637.
For superannuation guarantee charge purposes, the maximum employee’s earnings base increased to $26,300 per quarter.
The contributions required for SGC purposes have been increased to 8 per cent until 2002/2003 when the rate will increase to 9 per cent.
Superannuation surcharge arrangements have also been
modified.
