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:
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
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.