A range of key changes to superannuation, tax and other areas take effect in 2017 and beyond. Some of these areas may be of importance to you now or in the foreseeable future, so make some time to sit down with your financial planner to discuss your situation.
Superannuation
In our recent articles ( available on our website) we have discussed the changes surrounding superannuation for 2017 and the future. Please refer to this link.
Concessional contributions
The current concessional contribution (CC) limit for this financial year (2016/17) is shown in the below table. From 2017/18 financial year the age bracket difference between the cap limits will cease. A $25,000 CC cap limit for apply across all ages.
Concessional contributions cap limits for 2017/2018 year and 2016/2017 years. **Reduced general concessional cap of $25,000 applies from 1 July 2017 Income year Under 49 49 years to 59 years* 60 years and over* 2017/2018** $25,000 $25,000 $25,000 2016/2017 $30,000 $35,000 $35,00
Non-concessional contributions
The $180,000 NCC and the 3-year $540,000 bring forward continue to apply for the 2016/2017 year.
Note: The annual $100,000 non-concessional cap will be indexed in line with the $25,000 concessional (before-tax) cap and will also take effect from 1 July 2017.
Non-concessional contributions cap* limits for 2017/2018 year and 2016/2017 years. *If you’re aged 65 or over, you must satisfy a work test to make super contributions. You cannot make voluntary super contributions after turning 75. For more information on the over-75 rule, see Total Advice Partners to speak with a financial planner regarding the specifics. Income year Cap Bring-forward rule 2017/2018 $100,000 $300,000 2016/2017 $180,000 $540,00
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