Govt scraps $500,000 cap
The Federal Government has dropped its $500,000 superannuation cap measure.
In a move aimed at placating the Coalition back-bench and ensuring the passage of the Government's broader superannuation package through the Parliament, Treasurer Scott Morrison confirmed the changes to the cap measure today.
The Treasurer said the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year.
He said individuals aged under 65 will continue to be able to ‘bring forward' three years' worth of non-concessional contributions in recognition of the fact that such contributions are often made in lump sums; and that individuals with a superannuation balance of more than $1.6 million will no longer be eligible to make non-concessional (after tax) contributions from 1 July 2017.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
