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The new $500,000-lifetime contribution cap

Publication date: 12 Jul 16 | Source: AUSTRALIAN SUPERANNUATION LAW BULLETIN

Issue: Vol 28 No 5, Jun 2016

Pages: pp 76-79

Abstract:

One of the troubling aspects of the $500,000 lifetime non-concessional contributions (NCC) cap announcement in the 2016 Federal Budget is that the new lifetime NCC cap catches prior NCC's made since 1 July 2007. It is considered that the implementation of this announcement would effectively give rise to retrospective legislation for almost 9 years. Thus people who have previously relied on the law during this 9-year period in making contributions to their super funds may now have no or little lifetime NCC cap left remaining. This article looks at the retrospective legislation impact.

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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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Rebecca James
Rebecca James, of DBA Lawyers, is an experienced self-managed superannuation fund lawyer, with expertise in advising accountants, financial planners, trustees and financial institutions on superannuation and taxation law matters. She is well known for providing practical and commercially focused advice on all aspects of operating an SMSF, as well as providing superannuation, estate planning and taxation advice. Rebecca has presented for various organisations, including The Tax Institute and the SMSF Association. Rebecca holds a Master of Laws from the University of Melbourne as well as being a Specialist SMSF Advisor. - Current at 04 August 2016
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