September super announcements – what is changing?

The major amendments to the Government’s super reforms, announced on 15 September 2016, are summarised here.

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Replace the proposed $500,000 lifetime cap on non-concessional contributions with lower annual caps for non-concessional contributions – and only allow members with superannuation balances less than $1.6m to make non-concessional contributions.

How will it work?

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Defer commencement of carry-forward arrangements for concessional contributions.

How will it work?

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Retain the work test for members aged 65 to 74.

How will it work?

To view the article in full and read SuperConcepts’ opinions on the changes, click here.

For more information on these changes or Pension changes taking effect from the 1 January 2017, contact Liberum Financial today on 07 3233 6470

Liberum Financial and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.

The information (including taxation) contained within this document does not consider your personal circumstances and is of a general nature only – unless otherwise stated. Dobbrick Financial Services strongly suggests that you should not act on it without first obtaining professional advice specific to your circumstances.

This article has been reproduced with permission from AMP.  For original source, disclaimers, author information and credits:- http://www.ampcapital.com.au/smsf-suite/articles/2016/september/summary-of-september-super-announements?utm_medium=email&utm_source=ampc&utm_campaign=smsf-news&utm_content=article3-headline