Superannuation Changes - non-concessional contributions

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This week we shall outline the changes with regards to non-concessional contributions.


What are non-concessional contributions?

Non-concessional superannuation contributions are contributions for which an individual or employer hasn’t claimed a tax deduction. They are often referred to as after-tax super contributions.

No income tax is paid by the superannuation fund on non-concessional contributions.

What are the changes? 

From 1 July 2017, the Government will reduce the annual cap on non-concessional contributions to $100,000. This is a reduction of $80,000 per member.

The "3 year bring-forward rule" for those under 65 will be reduced to $300,000.


What are the limits for year ended 30 June 2016?

The maximum non-concessional contributions amount is $180,000 per member. The "3 year bring-forward rule" for those under 65 is $540,000.


What should you consider?

If your goal is to accumulate more wealth in the superannuation environment, you may want to consider your ability to maximise the non-concessional caps this year before they are reduced from 1 July 2017.

In addition, if you have triggered the "3 year bring-forward rule" previously, consideration must be given to how these changes will impact you.

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