Tax with Max: Planning for super limits

How many people will actually be affected by superannuation changes?

Summary: The proposed $1.6 million limit on balances in superannuation pension accounts apples to both the amount transferred into super and earnings on the balance – after July 1, 2017, any amount in excess of $1.6m would have to be rolled back into an accumulation account if the measures are realised.

Key take-out: The proposed lifetime limit of $500,000 of non-concessional contributions into super will be counted back to May 3, 2016, if it comes into effect. However, any amounts contributed over that limit up to that date can remain in super.

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