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16 Sep 2016

Australian Federal Budget 2016: Superannuation Reform

The Federal Treasurer Scott Morrison has just announced that the proposed lifetime $500,000 non-concessional cap has been scrapped which presents a unique opportunity this financial year.

Specifically, an individual under age 65 can trigger the current 3 year bring-forward option to contribute up to a maximum $540,000 into superannuation as a non-concessional contribution before 30 June 2017. Conditions apply.

See Superannuation Fact Sheet 04.

This is exciting news right now because the Federal Government intends to introduce legislation to stop individuals with a total superannuation balance of more than $1.6 million from making any further non-concessional contributions into superannuation from 1 July 2017.

WARNING, these comments do not constitute Personal Advice.


At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.

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