Superannuation and change often go hand in hand and in recent years there have been significant developments regarding the acceptance and taxation treatment of contributions. Nonetheless, the tax concessions from contributing to superannuation continue to provide an incentive to save for one’s retirement, especially through a self managed superannuation fund (SMSF).
From 1 July 2017, significant changes have been made to contribution caps that affect all individuals and more restrive rules have been introduced about when contributions can be made, specifically linking contributions to an individual’s Total Superannuation Balance (TSB) which will be discussed. These changes support Government policy which is to ensure these concessions are targeted appropriately and to encourage people to save for retirement gradually.
At the time of publishing, the contents of this resource were accurate and correct.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association