Last month we reported on the governments decision to take back the budget proposed superannuation changes, replacing them with a lesser version of what is currently available.
In case you missed it, here are the ‘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
- the commencement date of the proposed ‘catch-up’ for concessional superannuation contributions will be deferred by 12 months to 1 July 2018
- the government will now not change the contribution rules for those aged 65 to 74.
If you need more information on how these changes may impact your superannuation savings, contact our office.