INTHEBLACK August 2022 - Magazine - Page 53
Those earning up to and including the
new lower income threshold of A$42,016
who make personal superannuation
contributions of A$1000 during the
2022-2023 financial year, and who meet
all eligibility requirements outlined by the
ATO, can receive the government’s full
A$500 co-contribution.
The maximum co-contribution rate has
been reduced by 3.33 cents per dollar on
income earned above the lower threshold
rate and is not payable after an individual’s
income reaches the new higher income
threshold of A$57,016.
INCREASED CGT CONTRIBUTIONS CAP
The lifetime maximum capital gains tax
exemption cap (CGT) on non-concessional
contributions made under the small business
retirement exemption and/or small business
15-year exemption has increased from
A$1.615 million to A$1.65 million.
The super CGT cap is the maximum
amount of eligible personal contributions
individuals can choose to exclude from
counting towards their non-concessional
contributions cap. This cap is separate
from other non-concessional super
contribution limits.
Tax practitioners should bear in mind
that discussions with clients around how
they should apply the new superannuation
rules to their circumstances may constitute
providing specific financial advice.
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superannuation
guarantee
increase
intheblack.cpaaustralia.com.au August 2022 53