Changes to Superannuation
On 15 September 2016, the Government announced changes to the superannuation measures announced in the May 2016 Budget. The three changes announced by the Government on 15 September 2016 are:
- replace the lifetime non–concessional contributions cap with lower annual caps for non–concessional contributions, only available to people with balances less than $1.6 million;
- defer commencement of carry–forward arrangements for concessional contributions; and
- not proceed with measures to increase the flexibility for contributions for people aged 65–74
There is now a proposal to lower the existing non-concessional (post-tax) contributions cap from $180,000 to $100,000 per annum with a three-year bring forward period for individuals under age 65
Information on changes can be found here.