Superannuation requirements 2011-12
If you receive a pension from your superannuation fund, leading up to 30 June 2012 you will need to ensure that you have withdrawn the minimum pension required. The Government has recently announced it will withdraw the tax exempt status of earnings on pension assets if the minimum pension is not taken by a member.
The minimum pension payments applicable are as follows:
|
Age at start of financial year |
Minimum payment percentage for 2011-12 financial year |
Minimum payment percentage for 2012-13 financial year |
|
Under 65 |
3% |
3% |
|
65 to 74 |
3.75% |
3.75% |
|
75 to 79 |
4.5% |
4.5% |
|
80 to 84 |
5.25% |
5.25% |
|
85 to 89 |
6.75% |
6.75% |
|
90 to 94 |
8.25% |
8.25% |
|
95 or over |
10.5% |
10.5% |
Concessional contributions
The maximum concessional contributions for superannuation members for the year ended 30 June 2012 are as follows:
|
Age of member |
Contribution limit $ |
|
Under 50 |
$25,000 |
|
Over 50 |
$50,000 |
If you exceed your contribution limits, large additional tax payable can apply. The ability to refund contributions is extremely limited.
Please do not hesitate to contact our office if you have any questions about the above, or would like to know if you have met your super requirements for the 2012 financial year.