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Significant changes to superannuation from 1 July 2017

super jar

 

Are you aware of the sweeping changes to Australia’s superannuation rules from 1 July 2017?  The implications are far reaching, so it is a good idea to make yourself aware so you don’t get caught out!

 

 

The changes affect the following areas:

  • how much money you can contribute into super each year, as either concessional or non-concessional contributions (a.k.a. deductible and non-deductible contributions);
  • improved ability to claim a deduction for direct concessional contributions (personal contributions);
  • additional tax on concessional contributions for individuals earning over $250,0000 p.a;
  • extending the tax offset for spouse superannuation contributions;
  • a new cap on how much you can transfer from accumulation to pension;
  • transition to retirement income streams (TRIS); and
  • lump sum elections.

There is much detail and discussion around these changes, so if you want to know more, why not make an appointment to come in and see us!