{"id":13934,"date":"2016-08-16T07:25:47","date_gmt":"2016-08-15T19:55:47","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/update-on-the-governments-superannuation-program\/"},"modified":"2020-11-29T00:33:05","modified_gmt":"2020-11-28T13:03:05","slug":"update-on-the-governments-superannuation-program","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/update-on-the-governments-superannuation-program\/","title":{"rendered":"Update on the government’s superannuation program"},"content":{"rendered":"

Now that the government has been re-elected, it seems they are committed to proceeding with their superannuation policy, including the controversial measure to impose a ‘lifetime cap’ of $500,000 on the amount of non-concessional (i.e., undeducted) contributions that can be made into superannuation (calculated from all contributions made since 1 July 2007).<\/em><\/p>\n

The Treasurer Scott Morrison has also indicated that transitional relief provisions will be introduced in relation to the lifetime non-concessional contributions cap of $500,000.<\/p>\n

It is proposed that transitional provisions will allow for non-concessional contributions to be made under the rules and limits that existed prior to Budget Night where a superannuation fund has entered into a contract before 3 May 2016 to acquire an asset, and the contract settles after 3 May 2016.<\/p>\n

Furthermore, there will be transitional relief for self-managed superannuation funds (SMSFs) that had a Limited Recourse Borrowing Arrangement in place before 3 May 2016, and additional non-concessional contributions are to be made up to 31 January 2017 (so that the borrowing will comply with the ATO’s new guidelines).<\/p>\n

There have also been reports that the government may also allow ‘carve-outs’ for extraordinary ‘life events’ (e.g., divorce).<\/em><\/p>\n

The government is apparently going to release draft legislation for their superannuation changes some time in August 2016. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Now that the government has been re-elected, it seems they are committed to proceeding with their superannuation policy, including the controversial measure to impose a ‘lifetime cap’ of $500,000 on the amount of non-concessional (i.e., undeducted) contributions that can be made into superannuation (calculated from all contributions made since 1 July 2007). The Treasurer Scott…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-13934","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nUpdate on the government's superannuation program - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/update-on-the-governments-superannuation-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Update on the government's superannuation program - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"Now that the government has been re-elected, it seems they are committed to proceeding with their superannuation policy, including the controversial measure to impose a ‘lifetime cap’ of $500,000 on the amount of non-concessional (i.e., undeducted) contributions that can be made into superannuation (calculated from all contributions made since 1 July 2007). 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