The Federal Government has this week passed the superannuation package
announced in the May Budget 2016 and later amended in September.
Some of the changes that have been passed include:
• $1.6 million cap on the amount of tax free superannuation savings a person can hold in
• Concessional contribution cap reduced to $25,000 (from the current $30,000 and
• Non-concessional contribution cap reduced to $100,000, from the current $180,000.
• Lower the current Division 293 tax income threshold from $300,000 to $250,000.
• Removal of the 10% rule for deductible personal concessional contributions.
Most of these changes will take effect from 1 July 2017.
If you would like to discuss any of the above or find out how you can start planning for
these changes, feel free to give us a call or make an appointment.