New superannuation rules took effect from the 1st July 2017 and will have a substantial effect on your superannuation and retirement plans for 2017/2018 and future years.
Please see the following list of changes to superannuation below:
Annual concessional contributions cap reduced to $25,000
Expansion of tax-deductible super contributions to all Australians
Annual non-concessional contributions cap reduced to $100,000
Increase income threshold for spouses superannuation contributions tax offset to $37,000 (and $40,000)
Low-Income superannuation tax offset replaces LISC
Introduction of a $1.6 million transfer balance cap
Removal of tax exemption for transition-to-retirement pensions (TRIPS)
Preservation age now at least 57 years
Age Pension increases to at least 65.5 years
SMSF trustees face bigger penalties from 2017/2018 year
Introduction of First Home Super Saver Scheme
Removal of option to treat a pension payment as a lump sum payment, for tax purposes
Removal of anti-detriment provisions
Extension of tax exemption for other types of retirement products
Non-super change: Delivery of personal income tax cuts
Proposed Introduction of non-financial superannuation changes
For further information and to see if any of these changes may have affected you, contact us today for a consultation with our experienced advisers.