The changes to the superannuation system announced in the May 2016 Federal Budget have started to roll out, beginning as of July 1, 2017.
- A new lifetime cap on transfers to retirement income streams of $1.6 million
- A lower cap of $25,000 per annum for concessional contributions
- A lower cap of $100,000 per annum for non-concessional contributions
- Tax deductions for personal contributions to super
- A lower threshold of $250,000 for increased tax on concessional contributions for higher-income earners
- Increased thresholds for spousal contribution tax offsets from $10,800 to $37,000
- Removal of the tax exemption on earnings of assets supporting a Transition to Retirement Income Stream (TRIS)
- From 1 July 2018, members with super balances of $500,000 or less can take advantage of unused concessional contribution cap amounts from previous years. Unused amounts can be accrued for up to five years beginning 1 July 2018.
Have specific questions? we've provided answers to some of the most common budget related questions in our faq section.
Want to know more about the superannuation reform package? we take an in-depth look at what the budget measures are.
Facsheets, Calculators and more.