20 Apr 2017
Superannuation Reform: How much is enough?
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
According to the ATO Tax Commissioner there are 2,500 funds in superannuation with assets over $10 million of which 6 have a balance over $100 million.
The fact that the returns on these assets attract a maximum 15% tax or less if the member is in the pension phase of superannuation is the reason for the new maximum cap levels that will apply from 1st July 2017.
However individuals (if under age 65) still have time to make a $180,000 non-concessional contribution into superannuation or to trigger the 3 year bring forward provision and contribute up to the maximum $540,000 into superannuation before the new changes come into effect.
WARNING, these comments do not constitute Personal Advice and conditions apply.
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