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Proposed super reforms are now law – what does this mean?

07 December 2016

Finally, the long-anticipated reforms to superannuation have become law after months of discussion
and debate. For anyone with money in super, this means the rules will change from 1 July 2017.

Key changes include:

  • Pension balances capped at $1.6 million
  • Non-concessional contributions cap cut to $100,000
  • Concessional contributions cap cut to $25,000
  • More super tax on high incomes
  • Carry over of unused concessional contributions cap
  • New Low Income Superannuation Tax Offset
  • Wider access to concessional contributions
  • Extension of the spouse tax offset
  • Transition to retirement
  • Abolition of anti-detriment payments

To read the details of key changes, visit our Federal Government super reform package page.

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