The 2022-23 Super and Tax Thresholds

1 min read
22/03/22 16:18

Some superannuation and tax thresholds will change from 1 July 2022 in line with CPI and Average Weekly Ordinary time earnings (AWOTE).

What’s changing?

 

2021-22

2022-23

Co-Contribution p.a
  • Low threshold
  • High Threshold

 $41,112
$56,112

 $42,016
$57,016

CGT lifetime Cap

$1,615,000

$1,650,000

Untaxed plan cap - Lifetime

$1,615,000

$1,650,000

Superannuation Guarantee – Maximum Contributions base
Per quarter

$58,920

$60,220

Low rate cap*

$225,000

$230,000

*Applies on withdrawals of taxable component between preservation and age 60

The superannuation guarantee percentage is also scheduled to rise to 10.5% on 1 July 2022. We will monitor this in the upcoming Federal budget and confirm the rate.

What remains the same?

The following thresholds will remain unchanged for the 2022-23 financial year.

Concessional contribution cap

$27,500

Non concessional contribution cap - standard

$110,000

Non concessional contribution cap – bring forward over 3 financial years

$330,000

Division 293 – Annual adjusted taxable income

$250,000

General transfer balance cap

$1,700,000

Defined benefit income cap

$106,250

Spouse tax offset

  • Lower income threshold
  • Higher income threshold

 

$37,000
$40,000

 

 

This information is general information only and not intended to be financial product advice, investment advice, tax advice or legal advice and should not be relied upon as such. As this information is general in nature it may omit detail that could be significant to your particular circumstances. Scenarios, examples, and comparisons are shown for illustrative purposes only. Certain industry data used may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Knowledge Shop has not independently verified any such data provided by third parties or industry or general publications. No representation or warranty, express or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy. We recommend that individuals seek professional advice before making any financial decisions. This information is intended to assist you as part of your own advice to your client. Use of this information is your responsibility. To the maximum extent permitted by law, Knowledge Shop expressly disclaims all liabilities and responsibility in respect of any expenses, losses, damages or costs incurred by any recipient as a result of the use or reliance on the information including, without limitation, any liability arising from fault or negligence or otherwise. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Knowledge Shop is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. Tax is only one consideration when making a financial decision.

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