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The new NCC rules and the new AFSL regime - a delicate balancing act

Publication date: 05 Dec 16 | Source: CCH TAX WEEK

Issue: Issue 48, 2 Dec 2016

Pages: pp. 1-4

Abstract:

Two of the three Bills that formed the superannuation reform package first announced by the government in the 2016 Federal Budget have received assent, yet there has been much movement and discussion in this area since that time. One important change that has been enacted (found in Sch 3 to theĀ Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016) is the decision to lower the annual non-concessional contributions (NCCs) cap to $100,000 and restrict eligibility to make NCCs to individuals with superannuation balances below $1.6m from 1 July 2017.

Given this enactment date, it is important for advisers and those hoping to get some more money into super by way of NCCs to become familiar with the changes as soon as possible.

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Philippa Briglia
Philippa is a Lawyer with DBA Lawyers. - Current at 11 April 2016
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