SPECIAL CONTRIBUTIONS TO SUPERANNUATION: ATO U-TURN: EXTREME CAUTION REQUIRED
By Andrew Henshaw, Director, Velocity Legal
From 1 July 2017, drastic changes to superannuation take effect. Under those changes, the amount of money that a person can put into super (i.e. contribute) will be dramatically reduced. In particular:
- ‘Concessional contributions’ (i.e. tax deductible contributions) will be reduced to $25,000 per annum.
- ‘Non-concessional contributions’ (i.e. non-tax deductible contributions) will be reduced to $100,000 per annum (and reduced to $300,000 under the bring forward rule).
- Members with over $1.6m in super cannot make ANY non-concessional contributions.
Andrew acts for a diverse range of private businesses, high net-wealth individuals and family groups. He specialises in business structuring, tax disputes and complex tax issues. He is passionate about leading by example, getting wins for his clients, solving difficult legal issues and … snowboarding!