Life, Death and Taxes – Insights by Andrew Henshaw
SUPERANNUATION: $500K CAP IS AXED!
The Coalition Government announced further changes to superannuation. The Coalition government announced that they would be scrapping their proposed $500,000 cap on non-concessional contributions (which was announced on 3 May 2016, and had ‘retrospective’ effect from 1 July 2007). The $500,000 cap was an “iron-clad” promise, which had come under heavy criticism from the superannuation industry and members of the Coalition Government backbench.