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

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

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

Raising lifetime non-concessional cap would cost Budget

The Greens say increasing the lifetime non-concessional cap above what was announced could mean the policy costs money instead of improving the Budget bottom line.

The Government may be considering increasing the proposed lifetime non-concessional contributions cap from $500,000 to

Morrison rejects call for $1 million lifetime non-concessional cap

Treasurer Scott Morrison has rejected a call for the proposed $500,000 lifetime non-concessional contributions cap to be increased to $1 million.

Coalition MP George Christensen said that doubling the cap to $1 million would satisfy most concerns about the policy.

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

“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

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,

Treasurer flags more changes to lifetime non-concessional contribution cap

Treasurer Scott Morrison has flagged further changes to the $500,000 lifetime non-concessional contributions cap policy announced in the 2016 Budget.

The Treasurer has already set out some exclusions from the lifetime cap. In a radio interview on 2GB