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.View more articles