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!
