Welcome to The A Firm Financial Solutions Group

Location: Robina
Email: info@theafirm.com

Phone Hours: 8:30am - 4:00pm
Robina: (07) 5596 4604

Business Hours:
Mon - Thurs 8:30am - 5:00pm
Leave us a message

The Federal Government has dropped its $500,000 superannuation cap measure.

In a move aimed at placating the Coalition back-bench and ensuring the passage of the Government’s broader superannuation package through the Parliament, Treasurer Scott Morrison confirmed the changes to the cap measure today.

The Treasurer said the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year.

He said individuals aged under 65 will continue to be able to ‘bring forward’ three years’ worth of non-concessional contributions in recognition of the fact that such contributions are often made in lump sums; and that individuals with a superannuation balance of more than $1.6 million will no longer be eligible to make non-concessional (after tax) contributions from 1 July 2017.

Reference: Mike Taylor from Money Management

, , , , , , , , , , , , , , , , , , , , ,