SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
On 15 September 2016, the Government announced changes to the superannuation measures announced in the May 2016 Budget.
There is now a proposal to lower the existing non-concessional (post-tax) contributions cap from $180,000 to $100,000 per annum with a three-year bring forward period for individuals under age 65 (i.e. $300,000 over three years).
Individuals with a balance of more than $1.6 million will no longer be eligible to make non-concessional contributions.
The new non-concessional contributions cap of $100,000 per annum is intended to begin from 1 July 2017. Until then, the current treatment of non-concessional contributions apply.