Last chance to boost super by $540,000
The Government has announced that the $500,000 lifetime non-concessional cap proposed at the last Federal Budget will not proceed. Instead the Government will lower the annual non-concessional contributions cap to $100,000 from 1 July 2017, with a three year bring forward ($300,000) for those aged under 65.
Furthermore, the Government has announced that from 1 July 2017, where an individual’s total superannuation balance is above $1.6 million, they will no longer be eligible to make non-concessional contributions. The $1.6 million eligibility threshold will be based on an individual’s balance as at 30 June the previous year.
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