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ARTICLE · 02 OCTOBER 2016

2016 superannuation Budget changes, changed!

Cooper Grace Ward
Cooper Grace Ward
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Cooper Grace Ward

Cooper Grace Ward

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Treasurer Scott Morrison recently announced changes to a number of 2016 Budget superannuation contribution measures.

AustraliaEmployment and HR
Scott Hay-Bartlem
Scott Hay-Bartlem
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On 15 September 2016, Treasurer Scott Morrison announced changes to a number of 2016 Budget superannuation measures. These include both good and bad news.

Proposed now:

  • A $500,000 lifetime non-concessional contribution cap will not proceed.
  • The annual non-concessional contribution cap drops from $180,000 to $100,000, expected to apply from 1 July 2017.
  • While under 65, a person can still bring forward three years' non-concessional contributions.
  • After 1 July 2017, non-concessional contributions will not be allowed once a person's superannuation balance has reached their transfer balance cap (currently proposed at $1.6 million).
  • The work test for people over 65 to make contributions will remain.

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