Substantial changes to the superannuation rules took effect from 1 July 2017
the superannuation changes, which took effect since 1 July 2017 inculde the following:
- Annual concessional (before-tax) contributions cap reduced to $25,000
- Expansion of tax-deductible super contributions to all Australians
- Annual non-concessional (after-tax) contributions cap reduced to $100,000
- Increase in income threshold for spouse superannuation contributions tax offset to $37,000 (and $40,000)
- Low Income Superannuation Tax Offset replaces LISC
- Introduction of a $1.6 million transfer balance cap
- Removal of tax exemption for transition-to-retirement pensions (TRIPs)
- Tax hike for more Australians: 30% tax on concessional (before-tax) super contributions
- Preservation age now at least 57 years
- Age Pension increases to at least 65.5 years
- SMSF trustees face bigger penalties from 2017/2018 year
- Introduction of First Home Super Saver Scheme
- Removal of option to treat a pension payment as a lump sum payment, for tax purposes
- Removal of anti-detriment provisions
- Extension of tax exemption for other types of retirement products
- Non-super change: Delivery of personal income tax cuts
- Proposed introduction of non-financial superannuation changes
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