Current Developments

There are several changes to Super announced in the 2016/2017 Federal Budget. As of 1st July 2017, the following amendments will be implemented:

1. Reduction in concessional contributions cap to $25k
2. Tax deductions for personal superannuation contributions
3. Allowing catch-up concessional contributions up to 5 years for balances under $500k
4. More tax on contributions for more high earners now at $250k (previously $300k)
5. Non-concessional contributions (NCC) cap is to be reduced from $180,000 to $100,000 as from 1 July 2017.
6. Extending the spouse contributions tax offset
7. Low Income Superannuation Tax Offset (LISTO)
8. Removal of anti-detriment payments
9. Government response to retirement income streams review
10. Transition to retirement income streams or TTR
11. Transfers to pension accounts capped at $1.6 million

To view the budget speech, you can view the government website. For guidance on taxation on the general rules on Superannuation, please see our page with the ATO booklets.

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We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.

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Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.