$500000 lifetime Non-Concessional Contributions cap

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

‘Transitional arrangements’ to apply to $500k lifetime non-concessional cap

“Transitional arrangements” will apply to SMSFs for the $500,000 lifetime non-concessional contributions cap, the Treasurer Scott Morrison has said in a letter to the SMSF Owners’ Alliance. The 2016 Budget included a $500,000 lifetime non-concessional contributions cap. This raised a number of concerns, including from the SMSF sector that it… Read More »‘Transitional arrangements’ to apply to $500k lifetime non-concessional cap

Labor has “grave concerns” about $500,000 lifetime NCC cap

Labor has “grave concerns” about the proposed $500,000 lifetime Non-Concessional contributions cap, and intends to consult on other measures announced in the Budget. ALP Shadow Minister for Financial Services and Superannuation, Jim Chalmers, told Super Review’s Future of Super conference that the Turnbull Government has “made a mess” of the… Read More »Labor has “grave concerns” about $500,000 lifetime NCC cap

ATO manually calculating total Non-Concessional contributions

The ATO is having to manually calculate the total Non-Concessional contributions for taxpayers when information is requested, in response to a proposed Budget measure. The 2016 Budget includes a proposed $500,000 lifetime Non-Concessional contributions cap. The Budget papers say: “To ensure maximum effectiveness the lifetime cap will take into account all non-concessional… Read More »ATO manually calculating total Non-Concessional contributions

Coalition superannuation policies “unravelling”, says ALP

Labor says the Coalition superannuation policies are “unravelling”. ALP Shadow Minister for Financial Services and Superannuation, Jim Chalmers, said: “Scott Morrison’s ill-considered superannuation policies are unravelling in dramatic fashion.” “Many Australians are deeply concerned about the impact the Liberals’ Budget will have on their hard-earned super – not to mention the… Read More »Coalition superannuation policies “unravelling”, says ALP

Accountants call for “urgent clarification” on Budget super changes

The Chartered Accountants of Australia and New Zealand (CAANZ) have called for “urgent clarification and adjustment” of the changes to superannuation announced in the 2016 Budget. “All investors value certainty especially when it comes to taxation rules and confidence in the super system has been severely shaken by some of the… Read More »Accountants call for “urgent clarification” on Budget super changes

Battle over retrospective superannuation changes continues

The argument over if the superannuation changes in the 2016 Budget are retrospective has continued through another day of the election campaign. Various Coalition members have been arguing that the 2016 Budget superannuation changes aren’t retrospective and only a relatively small number of people are impacted. .@TurnbullMalcolm: “This superannuation changes… Read More »Battle over retrospective superannuation changes continues