The Coalition Government have successfully had their superannuation changes passed through the Parliament.
"Turnbull government delivers on fairer, more sustainable superannuation," the headline on the accompanying media release boasted.
The contribution caps, both pre-tax and post-tax, will be reducing under the changes. Anyone wishing to make large contributions to their superannuation using post-tax money should consider doing this before 30 June 2017. The maximum post-tax super contribution using the bring forward rules is $540,000 under the current rules (assuming you are eligible). Under the new rules from 1 July 2017, this will reduce significantly to $300,000.
The following table details the changes which will come into effect from 1 July 2017.
If you have any questions about how the changes are likely to affect you, please contact Greg Robbins Accounting on 0425 854069.