Tax with Max: The budget edition

We look at some practical applications of the government’s proposed super changes.

Summary: A couple with more than $2 million each in super will most likely to affected by the new non-concessional contribution cap of $500,000 and $1.6 million transfer limit for retirement phase super accounts – keep in mind that if the measures are passed, concessional contributions can be made for those up to 75 without taking a work test into account.

Key take out: Check when budget measures are scheduled to come into place, and remember they must be passed through parliament before they come into effect.

Key beneficiaries: General investors. Category: Superannuation and Tax.

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