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1st July 2009 Start Dates
Education Tax Refund (ETR)
HELP (and HECS) Repayment Thresholds
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Non-commercial Losses
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Restriction of Exemption for Overseas Employment Income
Superannuation Deductions Reduced
Concessional Contributions Cap has been reduced to $25,000 p.a. (indexed) - (from 1 July 2009).

Concessional contributions are generally tax deductible to the contributor and taxed in the fund and include the following types of contributions (s 295-25(2)):-

Employer Contributions being:-

  • SG (i.e. 9%) contributions;
  • Mandatory contributions made under an award;
  • Additional voluntary contributions made by the employer;
  • Voluntary employee salary sacrifice contributions
  • Personal contributions claimed as a tax deduction by a self-employed person, or substantially self-employed person under the 10 percent rule
  • Personal contributions claimed as a tax deduction by a person who is not working, and is < 65 years old, and
  • A transfer from a foreign superannuation fund that is taxed in the Australian fund

Non-concessional contributions are other contributions generally non-deductible and untaxed in most superannuation funds.

Both types of contributions are subject to the maximum annual thresholds under current legislation with proposed changes apply from 1st July 2009.

Superannuation Contributions Caps (per person)

Contribution Type

Taxpayer

Age

Annual Cap

current rules to 2008/09

Proposed Annual Cap

(2009/10 onwards)

Concessional

< 50 years old at 30/6

 

$50,000

 

$25,000

Concessional

> 50 years old at 30/6

 

$100,000

 

$50,000

Non-concessional

< 65 years at 1/7

$150,000 (or $450,000 across a 3 year period)

$150,000 (or $450,000 across a 3 year period)

Non-concessional

> 65 years at 1/7

$150,000

$150,000

 

 



5th-July-2009