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$500K lifetime contribution cap: urgent fix needed!

Publication date: 15 Sep 16 | Source: CCH TAX WEEK

Issue: Issue 36, 9 Sep 2016

Pages: pp 1-3

Abstract:

One of the most disturbing aspects of the $500k lifetime non-concessional contribution (NCC) cap announced in the 2016 Federal Budget is that it catches NCCs made since 1 July 2007. The government denies this proposal is retrospective. This article outlines a range of reasons why the government should remove the retroactive application of this cap as soon as possible.

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Author profiles

Daniel Butler CTA
Photo of author, Daniel BUTLER Dan is recognised as one of Australia’s leading SMSF lawyers complemented by his taxation and commercial expertise. He has worked predominantly in the fields of tax and superannuation over the past 30 years, is a qualified Chartered Tax Adviser, Chartered Accountant and has an MBA from the University of Melbourne. Dan is a regular seminar presenter on tax and SMSF topics and has published extensively in these areas. Dan regularly presents for the major professional bodies including the SMSF Association, The Tax Institute, Chartered Accountants Australia and New Zealand and DBA Network. Dan is a member of the ATO’s Superannuation Industry Relationship Network, the Chair of The Tax Institute’s National Superannuation Committee and is a member of the Law Institute of Victoria’s Tax Committee and is involved with a number of other tax and SMSF committees. Dan presents on the subject of Taxation of Superannuation at the University of Melbourne’s Master of Laws/Tax program. Dan is also a Specialist SMSF Advisor™. - Current at 06 December 2017
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Philippa Briglia
Philippa is a Lawyer with DBA Lawyers. - Current at 11 April 2016
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