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Most of these changes have now passed through Parliament with small amendments, and will come into effect from 1 July 2017 and 1 July 2018. Only a small percentage of people are likely to be impacted.
Please note: These changes don’t apply to the current financial year. They will apply from the 2017/18 financial year onwards.
New rules from 1 July 2017
Caps on before-tax (concessional) contributions
This includes the 9.5% of salary your employer pays into your super.
Cap on after-tax (non-concessional) contributions
These are additional amounts paid to super from after-tax money.
$180,000 per year, or
$540,000 over a three-year period (If you’re under age 65).
If you are over 65, you must meet the work test before you are eligible to make any after-tax contributions.
$100,000 per year, or
$300,000 over a three-year period (If you’re under age 65)1,
unless you have a super balance over $1.6 million, then you can’t make any after-tax contributions.
If you are over 65, you must still meet the work test before you are eligible to make any after-tax contributions.
Cap on transfers to pension
Limit to the amount of money you can transfer from super into a pension account.
Limit of $1.6 million. Any amount above this can be left in super or taken from the super system (as long as you meet a condition of release).
Extra tax for high income earners
Before-tax super contributions are taxed at 30% for high income earners, instead of 15%.
Applies if you earn $300,000 per year or more.
Applies if you earn $250,000 per year or more.
Tax offset for low income earners
If you earn less than $37k per year, tax on super contributions is repaid to your super (up to $500 per year).
Called the Low Income Superannuation Contribution (LISC).
Called the Low Income Superannuation Tax Offset (LISTO).
Personal payments to super
A tax deduction for payments you make to super up to the annual concessional cap.
You are eligible if you earn less than 10% of your income from salary or wages.
Anyone under age 75 is eligible. If you’re between 65 and 74, you’ll need to meet the work test to be eligible.
When a lump sum death benefit is paid to a dependant, they may receive a refund of the 15% contributions tax that the deceased member paid over their lifetime.
Eligible dependants receive the anti-detriment payment when a death benefit is paid to them.
No anti-detriment payments.
Spouse contribution offset
If you make contributions to your spouse’s super, you can get an offset of up to $540 per year.
Available if your spouse earns less than $10,800 per year.
Please note: You may be eligible for a reduced amount if your spouse earns less than $13,800.
Available if your spouse earns less than $40,000 per year.
Tax on investment earnings in transition to retirement accounts
This is the tax you pay on earnings from money invested in a transition to retirement account.
You pay no tax on earnings in a Transition to Retirement account regardless of your age.
You’ll pay 15% tax on investment earnings in your Transition to Retirement account.
‘Catch up’ before-tax contributions
You can carry forward your unused before-tax cap amount (for up to 5 years) and make extra before-tax contributions up to combined limit (current cap plus unused caps from previous years).
In the coming months, we’ll provide you with more detailed information about each of these changes and will let you know what they may mean for you.
To find out more, give us a call on 1300 362 415, 8am – 7pm (AEST) Monday – Friday or send us an email and we’ll get in touch.