The concessional contributions limit will be reduced to $25,000 (previously $30,000/$35,000) from 1 July 2017.
A cap of $1.6 million has been imposed on superannuation balances that can be transferred into (tax free) retirement phase accounts.
Concessional Contributions for people with income over $250,000 (previously $300,000) will be taxed at 30%.
Non-concessional contributions are contributions made into your Superannuation Fund that are not included in the super fund's assessable income. From 1 July 2017, the Government will lower the annual non concessional contributions cap to $100,000 (previously $180,000) and introduce new constraints resulting in individuals with a balance of more than $1.6 million no longer being able to make non concessional contributions. Individuals under the age of 65 will be able to bring forward three years of non concessional contributions. This is in place of the $500,000 lifetime non concessional contributions cap originally announced in the 2016 17 Federal Budget.
People who are accessing a Transitional Super Income Stream (previously called a Transition to Retirement or TTR income stream) and who are under 65 and NOT retired will pay 15% tax (previously 0% tax) on the earnings supporting the income stream