Government 'backflip' on superannuation changes

Following further consultation, the government has announced the following 'improvements' to the superannuation changes announced in the 2016/17 Budget:

* 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;

* individuals with a superannuation balance of more than $1.6 million will no longer be eligible to make non-concessional contributions from 1 July 2017; and

* the commencement date of the proposed 'catch-up' for concessional superannuation contributions will be deferred by 12 months to 1 July 2018.

Also, the government will now not change the contribution rules for those aged 65 to 74.

Notes:

Clients who wish to discuss these superannuation changes should contact our office.

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