Superannuation Budget changes to Non concessional superannuation contributions

There is word on the street that the government is going to scrap the $500,000 lifetime cap on non concessional super contributions.

You may have read that this proposal was creating a lot of backlash within the government, so the announcement that it is to be scrapped, whilst surprising, could have been expected.

There is talk that there will still be some limitation on non concessional contributions – expected to be an annual limit of $100,000 per annum until your Superannuation retirement account reaches $1.6M. More on this when it gets formalised by the Government.

For the moment, do not change any plans you have – we need to see legislation formalised, and hopefully even passed by both houses of parliament. There is still plenty of time to deal with your super plans before 30 June 2017.

 – Ian Hogbin

Posted 16.9.16

The information we are providing to you is purely factual in nature and does not take into account all of your personal objectives, situations or needs.  The information is objectively ascertainable and, therefore, does not constitute as financial product advice.  If you require personal advice you should consult an appropriately licenced person or authorised financial advisor, such as HQB Financial Solutions Pty Ltd.