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Latest news

 

Following today's release of the latest average wages data for the December 2024 quarter, FirstTech have calculated the super rates and thresholds for 2025-26.

The ATO is expected to confirm the 2025-26 super rates and thresholds in March 2025.

 

 

Key points:

Concessional and non-concessional contributions caps remain at $30,000 and $120,000

Non-concessional cap (inc. bring forward rule) - TSB thresholds each increase by $100,000

General transfer balance cap increases from $1.9m to $2.0m

Super guarantee rate increases to 12% - maximum contribution base reduces to $62,500 per quarter

Access FirstTech's 'Super rates & thresholds for 2025-26' for super contributions, super benefits and employment termination payment thresholds.

 
 

 

 

The December quarter CPI figure of 139.4 released today confirms that the general transfer balance cap (currently $1.9 million) will increase to $2 million on 1 July 2025. 
This increase means that clients commencing their first retirement phase income stream in 2025–26 will start with a personal transfer balance cap of $2 million.  Clients who already have a personal transfer balance cap that they have not fully utilised at any time in the past will see their cap increase on 1 July 2025 by a smaller amount (than the general cap increase) due to proportional indexation. Further information about the general and personal transfer balance cap can be found in section 21 of the FirstTech Super and Retirement Income Streams Guide.

The increase in the general transfer balance cap also impacts other super rules and concessions in 2025–26 as follows:
 -  A member’s total super balance at 30 June 2025 must be less than $2 million to access the standard non-concessional contributions cap.  Note that the two lower total super balance thresholds that govern access to the non-concessional cap bring-forward rule in 2025–26 (currently $1.66 million and $1.78 million) are not yet known as they also depend on average weekly ordinary time earnings (AWOTE) data that will not be released until late February.
 -  A member’s total super balance at 30 June 2025 must be less than $2 million to access the Government co-contribution.
 -  For a client to receive a spouse contribution tax offset, the receiving spouse’s total super balance at 30 June 2025 must be less than $2 million.
 -  The defined benefit income cap (currently $118,750) will increase to $125,000.
Further information
FirstTech will provide in an in-depth analysis in the coming weeks once the AWOTE data becomes available in late February.

 

The Government has released the Mid-Year Economic and Fiscal Outlook (MYEFO) for 2024–25.

 

The mid-year update restated a number of previously announced measures, including:

 

  • 5 year window to commute legacy pensions
  • Introduction of payday super from 1 July 2026
  • Reforms to the retirement phase of super 
See all Latest News

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Adviser use only. Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider anyone’s individual objectives, financial situation, needs or tax circumstances.  You should read the relevant Product Disclosure Statements (PDSs), Investor Directed Portfolio Service Guides (IDPS Guides) and Financial Services Guides (FSGs) before making any recommendations to a client. The PDSs, IDPS Guides and FSGs can be obtained from www.cfs.com.au or by calling us on 13 18 36. Past performance or awards are no indication of future performance.