The ATO has released some new indexed figures that will commence in the 2022/23 financial year.
Lump Sum D Threshold
The Lump Sum D threshold will increase to $11,591 + $5,797 for each completed year of service from 1 July 2022.
The life benefit termination payment ETP cap will increase to $230,000 from 1 July 2022.
The death benefit termination payment ETP cap will increase to $230,000 from 1 July 2022.
The Whole of Income cap is unchanged and remains at $180,000 as this is a non-indexed figure.
Maximum Contribution Base
The maximum contribution base will increase to $60,220 per quarter from 1 July 2022.
Concessional Superannuation Cap
There will be no increase to the concessional contributions cap for employer contributions and salary sacrifice amounts. The cap will remain at $27,500 for everyone from 1 July 2022. This cap should not be managed by payroll.
Increases to 10.5% from 1 July 2022.