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Latest news

 

Centrelink have released the rates and thresholds that apply from 20 March to 30 June 2025.

 

For a summary, see the updated FirstTech Quick Reference Guide

 

 

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.
See all Latest News

Latest articles

Indexation of the General Transfer Balance Cap from 1 July 2025

The General Transfer Balance Cap is set to increase from $1.9 million to $2.0 million on 1 July 2025.  

This article examines the implications of the increased Transfer Balance Cap (TBC) for those who have already commenced a retirement phase income stream, as well as those planning to commence one for the first time. 

Read more

Commuting a TAP under legacy pension amnesty rules

On 7 December 2024, new regulations came into effect which allow members receiving non-commutable legacy income streams, including complying Term Allocated Pensions (TAPs), to fully commute and exit their income stream within a five-year amnesty period.

 

 

Read more

Small business owners' retirement plans can impact tax and super

When a small business owner plans to use the 15-year exemption, it is important to ensure it is in connection with retirement.  

If not planned properly, the disposer may need to pay additional capital gains tax and miss a significant opportunity to maximise superannuation contributions. 

Read more

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