2017 Superannuation Changes Seminar Downloads
Diversified Financial Planners' 2017 Superannuation Changes seminars provided a wealth of valuable information for attendees.
On 1 July 2017, some rule changes will come into effect that may impact your retirement strategy and possibly the contributions you make into superannuation. The changes include:
- A reduction in the amount you can contribute to concessional (pre-tax) super contributions
- A reduction in the amount you can contribute to non-concessional (after-tax) super contributions
- The introduction of a transfer balance cap of $1.6 million that limits the amount that can be held in the retirement (pension) phase.
The seminar provided an opportunity for participants to consider their circumstances, and how the changes might impact them.
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We know many people will still have questions about how the changes might impact them, so our team are ready to discuss your situation with you. If you would like further information, call us on 03 9770 6499 or fill in the form to the right.
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The Government will introduce a $1.6 million cap on the total amount of superannuation savings that can be transferred from a concessionally-taxed 'accumulation account' to a tax free 'retirement account'.
Annual non-concessional contributions cap
From 1 July 2017, the Government will lower the annual non-concessional (post-tax) contributions cap to $100,000 and will introduce a new constraint such that individuals with a balance of $1.6 million or more will no longer be eligible to make non-concessional contributions.
Allowing catch-up concessional contributions
The Government will allow individuals with a total superannuation balance of less than $500,000 just before the beginning of a financial year to make ‘catch-up’ superannuation contributions.
Improve integrity of transition to retirement income streams
The Government will remove the tax exempt status of income from assets supporting transition to retirement income streams. Individuals will also no longer be allowed to treat certain superannuation income stream payments as lump sums for tax minimisation purposes.
A superannuation system that is sustainable, flexible and has integrity
Legislation to implement the Government’s superannuation reforms passed the Parliament on 23 November 2016. The superannuation reform package was announced in the 2016-17 Budget and amended following consultation. The changes improve the fairness, sustainability, flexibility and integrity of the superannuation system.