- July 1 2017 all concessional contributions caps will drop from $35k pa to $25k pa.
- Effective May 3 budget night 2016 lifetime cap of $500,000 for all non concessional (after tax) contributions
- No activity test for contributions to super for 65-74 year olds effective July 1 2017
- July 1 2017 a cap of $1.6million on transfers from Super to Allocated Pension. Balance above this has to go back to super and consequently taxed at 15%.
- Additional 15% contributions tax reduced from current $300k pa down to $250k pa.
- Transition to Retirement Pension funds will have their earnings taxed at 15% from 1 July 2017
- Anti detriment payments abolished from 1 July 2017
- Extended ability to claim tax deductions on contributions up to your Caps up to age 75
- Company taxation reduced to 25% from 2026 for all companies
Detailed summary attached complements of Colonial First State.