• The rollover benefit will be taxed in the receiving fund to the extent it is not an 'excess untaxed rollover amount'. If the rollover amount exceeds the untaxed plan cap amount, the excess is taxed to the member (and not the fund) at 47% for the 2019 income year, with the tax withheld by the fund that makes the rollover payment.
• The 'superannuation holding accounts (SHA) special account' (previously known as the superannuation holding accounts reserve) was closed to employer deposits after 30 June 2006.

Non-complying Superannuation Fund

• A non-complying fund is entitled to a 50% discount as a trust. Refer to S.115-100 (a)(ii). The effective tax rate when the 45% superannuation fund rate is applied to one-half of the discount capital gain is 22.5%.
• Where a superannuation contribution has been made in respect of an individual who has not provided their TFN to the superannuation fund by the end of the year, then these contributions will be subject to additional tax of 2%. However, a tax offset is generally available if the TFN is provided to the fund in any of the three years after the year of contribution.
• Includes payments made to employees, company directors and office holders. Refer to S.295-160, Item 2(b).

Key Superannuation Thresholds – 2018/19

Concessional Contributions Caps – 2019 and 2018

Concessional contributions include employer contributions (including contributions made under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by a self- employed person.

1 Individuals with a total superannuation balance of less than $500,000, are broadly able to make additional catch-up concessional contributions of unused concessional contribution cap amounts accruing from the 2019 income year.

Non-concessional Contributions Caps – 2019 and 2018

Non-concessional contributions include personal contributions for which taxpayers do not claim an income tax deduction¹.

• If an NCC is made in excess of the annual cap in an income year, this will trigger an increased NCC cap under the ‘bring-forward rule’ for eligible fund members. If this rule was triggered prior to the 2018 income year, a 3-year NCC cap applies in respect of NCCs made over the following 3 income years (the 3-year cap amount is subject to transitional rules in some cases – noted below).  However,  if the 'bring forward rule'  was triggered in the 2018 or 2019 income years, the period over which the ‘bring-forward rule’ applies varies depending broadly on the member’s total superannuation balance (‘TSB’) at specified times.

Note that, in order to access the ‘bring-forward rule’, the member must be aged less than 65 years at any time in the income year in which the rule is first triggered (the 'work test' must also be considered, if NCCs are made after the member turns 65).

• If the member’s TSB on 30 June of the previous income year was $1.6 million or more, the member’s NCC cap for the income year is reduced to nil and the member is unable to make a NCC in that income year (without breaching their cap). If the fund member’s TSB on that date was less than $1.4 million, the NCC cap under the ‘bring-forward rule’ is $300,000 over the following 3-year period (although their TSB must  also be reassessed if NCCs are made under this cap in the subsequent 2-year period). If the fund member’s TSB on 30 June of the previous income year was between $1.4 million and less than $1.5 million, the NCC cap under the ‘bring-forward rule’ is $200,000 over  the following 2-year period (note that, the member's  TSB must be reassessed if NCCs are made under this cap in the subsequent year). If the member's TSB on that date was $1.5 million to less than $1.6 million, the $100,000 annual NCC cap applies.

CGT Cap Amount

An individual can elect for certain contributions made to a superannuation fund in connection with applying the CGT small business 15-year exemption or the retirement exemption to  count towards the CGT cap rather than their non-concessional contributions cap. The CGT cap amount is a lifetime limit.