Summary of tax treatment of contributions and rollovers
The information in the table below briefly describes the current tax treatment of superannuation contributions and other amounts that you may be credited to your account.
| Contribution/Rollover | Total rate of tax | Tax is levied on |
|---|---|---|
| Concessional contributions | ||
| amounts up to the concessional contributions cap | 15%2 | Macquarie ADF Superannuation Fund |
| amounts greater than the concessional contributions cap | 46.5%2,3 | Macquarie ADF Superannuation Fund /Individual4 |
| Non-concessional contributions | ||
| amounts up to the non-concessional cap | 0% | Not applicable |
| amounts greater than the non-concessional cap | 46.5%3 | Individual5 |
| Rollover superannuation benefit (containing an untaxed element)1 | ||
| amount of untaxed element up to untaxed plan cap (1.1 million in 2009/2010 6) | 15%2 | Macquarie ADF Superannuation Fund |
| amount of untaxed element > untaxed plan cap | 46.5%3 | Paying fund |
| Directed termination payments | ||
| taxable component up to $1 million | 15%2 | Macquarie ADF Superannuation Fund |
| taxable component > $1 million | up to 46.5%2,3,7 | Macquarie ADF Superannuation Fund /Individual4 |
1 Unless a rollover contains an untaxed element, it will generally not be taxed on entry to the fund. Prior to 1 July 2005, an additional Government tax of up to 15% (the "superannuation surcharge") applied to certain contributions made by or on behalf of some individuals. This additional tax was abolished for contributions made on or after 1 July 2005. Contributions made before 1 July 2005 to which a surcharge assessment relates continue to apply and therefore a surcharge liability may be payable where an amount is rolled over to Super Plan and a surcharge assessment is issued in respect of part or all of that amount.
2 An additional tax of 31.5% is payable in the Fund if you have not given us your tax file number.
3 This rate includes the Medicare levy of 1.5%.
4 If applicable, the excess contributions tax of 31.5% may be paid from either superannuation money or personal money.
5 This tax must be paid from superannuation money.
6 Indexed annually with AWOTE and rounded down to the nearest $5,000.
7 Amounts of taxable component in excess of $1 million count towards your concessional contributions cap.
