What’s New?

Concessional Contributions Cap

  • From 1 July 2017 (eg 2017/2018 financial year) concessional (tax deductible)
    superannuation contributions limitedto $25,000 irrespective of age.
  • From 1 July 2017, tax on deductible contributions will be 15% for individuals with
    personal taxable income (before their superannuation deduction) of less than
    $250,000 (down from the current $300,000).
  • For those with higher than $250,000 taxable income, contributions will be taxed at 30%

Non-Concessional Contributions Cap  of $100,000 for all for 2017-18.

ASSET LIMITS IN SUPERANNUATION
From 1 July 2017 an individual cap of $1.6m (called a Superannuation Transfer Balance Cap) has
been introduced for tax-free pension assets.