Life, Death and Taxes – Insights by Mr Henshaw
SPECIAL CONTRIBUTIONS TO SUPERANNUATION: ATO U-TURN: EXTREME CAUTION REQUIRED
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.