The Government has scrapped the $500,000 lifetime non-concessional cap announced at the last budget. 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.
However, 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.
To view the article in full click here