Changes to various key superannuation legislation are at the final stage of the legislative process and are likely to pass into law in the near future.
Key changes to be noted are as follows:
- $1.6 million balance cap that can be used in pension phase to receive tax free status
- Reduction of concessional contribution limit to $25,000 p.a. for all tax payers
- Reduction in non-concessional contribution limit to $100,000 p.a.
- Transition to retirement pension balances will lose their tax free status
- Lowering of Division 293 threshold to $250,000
- A new concessional contribution catch up system for those with balances under $500,000
If you are wondering how these might affect you, please contact HTA Wealth.
HTA Wealth Pty Ltd is a Corporate Authorised Representative of Australian Unity Personal Financial Services, ABN 26 098 725 145 AFS Licence No. 234459, 114 Albert Road South Melbourne VIC 3205).
