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.

Insight Authors…

ANDREW HENSHAW

Director

Andrew leads Velocity Legal’s Sydney practice.

If you are in a fight with the ATO or looking to restructure your business, you should have Andrew in your corner. Andrew is passionate about getting wins for his clients, solving difficult legal issues, and giving his clients clear and confident guidance. Andrew is a Chartered Tax Advisor, holds a Masters of Law from the University of Melbourne and is the author of ‘Life, Death and Taxes’. Andrew is also a passionate snowboarder and is always up for the next adventure in life.

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