On Thursday 15 September 2016, the government announced a number of compromises to the superannuation changes it originally put forward in the 2016 – 2017 Budget.
Following extensive consultation, the government has decided to amend the superannuation changes and support Australians to invest in superannuation with the main objective of providing an income for retirement.
Instead of the introduction of a $500,000 lifetime non-concessional cap, they are revising the existing annual non-concessional cap as follows:
Anyone with a superannuation balance over $1.6 million will be ineligible to make non-concessional contributions. Other Budget superannuation announcements that have changed:
If you have any questions regarding these changes, please contact us at McSweeney CA.