radford tax logo
07 5495 4100 ◆

Overview of revised super contribution proposals

Posted on September 29, 2016 by admin

The Government has announced some changes to the superannuation proposals originally announced in the May 2016 Federal Budget. While these are just proposals, and therefore not law, it is likely that they will be introduced into Parliament as a Bill.

The Coalition’s proposal is to reduce the existing annual non-concessional (after-tax) contributions cap from $180,000 per year to $100,000 per year. Australians who are under 65 years of age will continue to be able to use the three-year bring forward rule (bring forward three years’ worth of non-concessional contributions ($300,000) from 1 July 2017.

The new suggestion replaces the original proposal for a $500,000 lifetime cap on non-concessional contributions announced in the May 2016 Federal Budget, which was opposed by parts of the super industry.

In the meantime, Australians can continue to put $540,000 into their super accounts between now and 1 July 2017.

Individuals with a superannuation balance of more than $1.6 million will no longer be eligible to make non-concessional contributions from 1 July 2017. This revised proposal is said to allow more individuals to build a superannuation balance cap to attain a $1.6 million pension balance cap in the retirement phase.

maximise your business's value

latest news

Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

radford tax associationsradford tax associationsradford tax associations