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Lowering the annual non-concessional contributions cap

On 15 September 2016, the Government announced changes to the superannuation measures announced in the May 2016 Budget.

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 (i.e. $300,000 over three years).

Individuals with a balance of more than $1.6 million will no longer be eligible to make non-concessional contributions.

The new non-concessional contributions cap of $100,000 per annum is intended to begin from 1 July 2017. Until then, the current treatment of non-concessional contributions apply.


Source: https://www.ato.gov.au/General/New-legislation/In-detail/Super/Lowering-the-annual-non-concessional-contributions-cap/

Griffin & Associates

79 Denham St, Townsville City QLD 4810

Phone 07 4772 6588

Chartered Accountants