Income Tax Concessions for Superannuation Contributions
NTGPASS does not accept pre-tax superannuation contributions from retained members or as a result of employment outside the NT Public Service. This means that salary sacrifice, employer contributions such as superannuation guarantee and tax deductible contributions from self employed members cannot be made to NTGPASS.
Superannuation Guarantee
Minimum Level of Employer Superannuation Suppport |
Financial Year |
Percentage of Ordinary Time Earnings |
1998-99 and 1990-00 |
7% |
2000-01 and 2001-02 |
8% |
2002-03 to 2012-13 |
9% |
2013-14 |
9.25% |
2014-15 |
9.5% |
2015-16 |
10% |
2016-17 |
10.5% |
2017-18 |
11% |
2018-19 |
11.5% |
From 1/7/19 |
12% |
Superannuation Lump Sum Tax Rates
| Tax Free Component |
0% |
| Taxable Component |
|
| Taxed Element |
|
| Under age 55 |
20% |
| Age 55 - 59 |
0% up to LRC*
15% over LRC* |
| Age 60 and over |
0% |
| Untaxed Element |
|
| Under age 55 |
30% up to $1.255 million
45% over $1.255 million |
| Age 55 - 59 |
15% up to LRC*
30% over LRC* up to $1.255 million
45% over $1.255 million |
| Age 60 and over |
15% up to $1.255 million
45% over $1.255 million |
Note: tax rates do not include Medicare Levy (1.5%)
*LRC: Low Rate Cap for 2012-13 is $175,000
Personal Income Tax Rates 2012-13
Taxable Income |
Marginal Income Tax Rate |
Up to $18,200 |
Nil |
$18,200 to $37,000 |
19% |
$37,001 to $80,000 |
32.5% |
$80,001 to $180,000 |
37% |
Excess over $180,000 |
45% |
Note: rates do not include the Medicare Levy of 1.5% of taxable income.
Superannuation Surcharge