$500000 lifetime Non-Concessional Contributions cap

News and articles about the lifetime $500,000 Non-Concessional contributions cap policy announced in the 2016 Budget.

Government drops $500,000 lifetime non-concessional contributions cap

The Government has dropped the policy of a $500,000 lifetime non-concessional contributions cap, which was announced in the 2016 Budget. Update: the Government has released the third tranche of draft superannuation legislation, which includes the lower non-concessional contributions cap of $100,000, preventing non-concessional contributions once super balances reach the Transfer… Read More »Government drops $500,000 lifetime non-concessional contributions cap

Labor accuses Government of “superannuation policy by PowerPoint”

Labor has criticised Treasurer Scott Morrison, after he reportedly distributed a briefing paper to Coalition MPs advocating for the superannuation changes announced in the 2016 Budget. Update: the Government has released the first tranche of superannuation legislation for the changes announced in the 2016 Budget. “Treasurer Scott Morrison’s humiliation at… Read More »Labor accuses Government of “superannuation policy by PowerPoint”

Budget superannuation changes a ‘slippery slope’, says Coalition Senator

Liberal Senator for Tasmania Eric Abetz says the superannuation changes included in the 2016 Budget represent a slippery slope leading to the Government increasing taxes on more superannuants in the future. Michelle Grattan, from The Conversation, asked the Senator why he had taken such a strong stand on superannuation, given… Read More »Budget superannuation changes a ‘slippery slope’, says Coalition Senator

Divorce likely to be an exemption from lifetime non-concessional cap

Treasurer Scott Morrison has indicated that divorce is likely to be a ‘life event’ eligible for an exemption from the $500,000 lifetime non-concessional contribution cap, while rejecting reports that lottery winnings and inheritances would receive the same treatment. “We said before the election, well before the election actually that one… Read More »Divorce likely to be an exemption from lifetime non-concessional cap

“Some prospect” of deal on Budget super changes, says Jim Chalmers

The Government and the Labor party may come to an agreement on the superannuation changes announced in the 2016 Budget. Speaking about the superannuation changes with The Guardian, Shadow Minister for Finance, Jim Chalmers, said: “There is some prospect of agreement with the Government”. ‘We’ve flagged what we’re concerned about,… Read More »“Some prospect” of deal on Budget super changes, says Jim Chalmers

Super contributions exemption for lottery winnings “farcical”: SMSFOA

Indications that lottery winnings will be exempted from the $500,000 lifetime non-concessional cap have been labelled “farcical” by the SMSF Owners’ Alliance. “Reports that the Turnbull Government is contemplating an exemption to superannuation contributions from lottery wins are farcical and, if true, deeply unfair,” says a statement by the organisation. The… Read More »Super contributions exemption for lottery winnings “farcical”: SMSFOA