April 2018
MLCo • April 19, 2018
New Superannuation Rates and Thresholds
In this month's update, we highlight important rates and thresholds to take note for 2018/19 superannuation planning including:
- Concessional Contributions cap will remain at $25,000.
- Non-Concessional Contributions cap will remain at $100,000.
- Division 293 tax threshold will remain at $250,000.
- Maximum superannuation co-contribution entitlement will remain at $500.
- CGT cap amount will be $1,480,000 (was $1,445,000 in 2017/18) .
For more information about these key superannuation rates and thresholds click here.
In addition:
- ATO to cancel inactive ABNs.
- Commisioner of Taxation highlighting the areas in which the ATO has recently increased its focus, including;
- undeclared income;
- individuals' unexplained wealth or lifestyle;
- incorrectly claimed private expenses;
- unpaid superannuation guarantee; and
- cash-only businesses and those with low usage of merchant banking facilities, with black economy visits to over 2,600 businesses across 8 locations in 2017.
- 'Downsizer contributions' : n o need to actually 'downsize'.
- Federal Court Decision: Super guarantee payable on 'public holidays' and 'additional hours'.
