Newsletter; Superannuation non-concessional (after tax) contribution limit changes
From Budget night, the Government announced a lifetime limit of $500,000 (the limit was to take into account all contributions made since 1 July 2007) to replace the existing $180,000 annual limit.
On 15 September 2016, the Government announced changes to the Budget announcement. The current proposal is to abandon the $500,000 lifetime limit and lower the existing annual limit to $100,000 from 1 July 2017.
The ability to “bring-forward” an additional two years of non-concessional contributions will continue to apply with transitional rules reducing the limit from $540,000 to $300,000.
This second round of proposals could still change before they are passed by Parliament.
