There are changes to super and BAS reporting and tax concessions that you should know about: Super – Do
In the 2016-17 Budget it was announced that from 7.30pm (AEST) on 3 May 2016 there will be a lifetime cap of $500,000 on non-concessional superannuation contributions.
The lifetime cap will take into account all non-concessional contributions made on or after 1 July 2007.
The lifetime cap will be indexed to the Average Weekly Ordinary Time Earnings (AWOTE), increasing in $50,000 increments.
If an individual has exceeded the cap prior to commencement, they will be taken to have used up their lifetime cap but will not be required to take the excess out of the superannuation system.
If an individual makes contributions after commencement that causes them to exceed their cap they will be notified by the ATO to withdraw the excess from their superannuation account.
Individuals who choose not to withdraw the excess amount will be subject to the current penalty arrangements.
Non-concessional contributions made into defined benefit accounts will be included in an individual’s lifetime non-concessional cap.
If you need to know how much you have contributed into your super fund to ensure you don’t exceed the superannuation contribution caps, please contact the ATO on 13 10 20.