1 July 2017

The Government introduced important legislation changes that are effective from 1 July 2017.

The changes impact superannuation, transition to retirement and pension accounts, and relate to the following areas:

Super

  • Total superannuation balance
  • Concessional contributions cap
  • Carry-forward of unused concessional contributions
  • Departing Australia Superannuation Payments (DASP)
  • Division 293 tax income
  • Deductible member contributions
  • Non-concessional contributions cap
  • Bring forward arrangements
  • LISC replaced by LISTO
  • Spouse contributions

 

Pension

  • Transfer balance cap
  • Transfer to Retirement (TTR) pension investment earnings now taxable

 

Super & Pension

  •  Anti-detriment payments abolished

 

Download the factsheet for a summary of the changes.

The rules are complex. For advice that takes into account your personal circumstances, you should consult an appropriately qualified financial and/or taxation adviser or make an appointment with our Member Education and Advice Consultants to discuss these changes and how they may impact you.