Brisbane's Accounting & SMSF Specialists

Tag: Superannuation changes in 2017

SUPER CHANGES – FROM 1 JULY, 2017 – RECOMMENDED ACTION!!

SUPER CHANGES – FROM 1 JULY, 2017 – RECOMMENDED ACTION!!

Superannuation
The end of financial year is fast approaching and we take this opportunity to advise you of the biggest changes in Superannuation in the last decade. From 1 July, 2017, the following changes to the superannuation system will become law: $100,000 annual cap on non-concessional contributions. The bring-forward option is still available for members under 65 years of age (effectively enables contributions of $300,000 over a three year period). Concessional contributions limit for everyone reduced to $25,000. Non-concessional contributions restricted to those with less than $1.6m in superannuation. If your combined super balances are more than $1.6 million, you cannot make any further contributions. Amounts held in pension accounts will be limited to $1.6m with excess balances ...