SUPERANNUATION: $500K CAP IS AXED!
By Andrew Henshaw, Director, Velocity Legal
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.
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.