The 2016-17 Federal Budget proposed major super reforms have been passed by both houses of Parliament.

Once they receive Royal Assent the major changes include from 1 July 2017:

• $1.6 million balance transfer cap
• Div293 tax income threshold reduced to $250,000
• Concessional contribution cap reduced to $25,000
• Non-concessional contribution cap to be $100,000
• Removal of the 10% rule for deductible personal concessional contributions

Now we have some certainty, its time to start planning. If you are a current, or even a potential client call me for planning opportunities.

Detailed analysis to come