16 Sep 2016
Australian Federal Budget 2016: Superannuation Reform
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The Federal Treasurer Scott Morrison has just announced that the proposed lifetime $500,000 non-concessional cap has been scrapped which presents a unique opportunity this financial year.
Specifically, an individual under age 65 can trigger the current 3 year bring-forward option to contribute up to a maximum $540,000 into superannuation as a non-concessional contribution before 30 June 2017. Conditions apply.
See Superannuation Fact Sheet 04.
This is exciting news right now because the Federal Government intends to introduce legislation to stop individuals with a total superannuation balance of more than $1.6 million from making any further non-concessional contributions into superannuation from 1 July 2017.
WARNING, these comments do not constitute Personal Advice.
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