Superannuation – $500,000 Lifetime Non-Concessional Cap axed


superannuation contributions

The cap will apparently be replaced with an arrangement whereby members will be able to make both concessional and non-concessional contributions until the cap of $1.6 million in a super pension account is reached.

In exchange there will be a new measure that reduces the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year, with the ‘three-year bring-forward’ option still available, until a balance of $1.6 million is reached.

If you want to find out more, contact Noel on 03 9585 7555 or email Noel atnoel@mktax.com.au


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