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Clock ticking on top up of non-concessional super contributions

Now is the time to consider your non-concessional super contributions following significant changes coming into effect from 1 July next year.

Under the new superannuation rules:

  • $500,000 lifetime super cap was dumped.
  • Non-concessional contributions were cut to $100,000 pa.
  • Annual cap on before tax contributions was cut to $25,000.
  • Under 65s can bring forward 3 years of non-concessional contributions allowing  investment of  $300,000 in one year.
  • Income threshold for additional contribution tax is cut to $250,000.
  • $1.6m cap on amount allowed in tax-free retirement phase.
  • Those with $1.6m balances can’t make any non-concessional contributions from July 1, 2017.

 

 

 

 

 

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