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Business Services, Audit & Assurance, Superannuation, Weston Woodley & Robertson, Sydney , NSW, Australia
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Superannuation Changes

Written by Weston, Woodley & Robertson on 13 February 2017

On the 23rd of November 2016 two bills passed both houses, the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016. These bills contain (but are not limited) to the proposed:

  • $1.6 million transfer balance cap which is the amount of capital that can be transferred to the tax-free earnings retirement phase of superannuation;

  • Reduction to the annual concessional & non-concessional contribution cap,

  • Reduction to the threshold at which high-income earners pay additional tax (Division 293 tax) on their concessionally taxed contributions to superannuation.

  • Transitional capital gains tax relief for superannuation funds that adjust their asset allocations before 1 July 2017,

  • Catch up concessional contributions

  • Removal of the earnings tax exemption in relation to Transition to Retirement Pensions

  • Removal of the Anti-Detriment deduction and

  • Excess transfer balance tax

We recommend you contact our office to clarify how these changes could affect your strategy.

The information presented is for general information only and does not constitute the provision of advice. The information provided herein should not be used as a substitute for consulting with our office on your individual circumstances. No responsibility is accepted for any person or entity acting upon the contents of this article.    

Phone: (02) 9264 9144 | | Suite 3, Level 1, 15 Blue Street, NORTH SYDNEY NSW 2060
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