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01 Jun 06 2006-2007 thresholds and limits for superannuation amounts - TD 2006/42

This final Taxation Determination was issued on 31 May 2006. It was not previously released in draft form. Its full title is "Income tax: what are the thresholds and limits for superannuation amounts in 2006-2007?"

The following thresholds and limits apply for the 2006-07 year:

- The tax free amounts of a bona fide redundancy payment or of an approved early retirement scheme payment are $6,783 (formerly $6,491 for 2005-06) (fixed component) and $3,392 (formerly $3,246 for 2005-06) (years of service component).

- The age based deduction limits for superannuation contributions by employers and eligible persons are $15,260 (formerly $14,603 for 20045-06) for employees under 35 years, $42,385 (formerly $40,560 for 2005-06) for employees 35 to 49 years, and $105,113 (formerly $100,587 for 2005-06) for employees 50 years and over.

- The RBL limits are $678,149 (formerly $648,946 for 2005-06) (lump sum) and $1,356,291 (formerly $1,297,886 for 2005-06) (pension).

- The upper limit for determining the residual amount for the purposes of s 159SG of ITAA 1936, ie, the threshold on the post-June 1983 component of an ETP, is $135,590 (formerly $129,751 for 2005-06).

The index factor used is 1.045.

For a copy of TD 2006/42, go here

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