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Changes for super 2017-18


Reductions in both the concessional and non-concessional contributions cap – The concessional contributions cap will reduce to $25,000 per year, from the current $35,000 for those aged over 49 and $30,000 for all others. The non-concessional cap will move down to $100,000 from $180,000.

Other changes

·      A $1.6 million lifetime pension balance cap introduced.

·      People aged under 65 will be able to bring forward three years’ worth on non-concessional     contributions as a lump sum, until they reach the $1.6 million pension cap.

·      Any unused concessional contribution cap can be carried forward over a rolling five year period after 1 July 2018 for individuals with a super balance of less than $500,000.

·      People with incomes greater than $250,000 will pay 30% tax on concessional contributions (up from 15%). This previously applied to incomes greater than $300,000.

 

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JH Business Services & Taxation
Accounting | Business Advisory | Tax Services
Specialist in small to medium business 
& personal tax services


Norwest Office


 Suite 205
29-31 Lexington Drive
Bella Vista
NSW 2153