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