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.
Insight Authors…
ANDREW HENSHAW
Director
Andrew specialises in difficult tax disputes and complex tax advice. He is passionate about getting wins for his clients, solving difficult legal issues and giving clear practical advice.
Andrew acts for a diverse range of private businesses, high net-wealth individuals and family groups. Andrew has been a Director of Velocity Legal since the firm was founded in 2016, and established Velocity Legal’s Sydney practice in 2019.