The Australian Federal Government has brought to a close months of discussion and uncertainty around its proposed superannuation contribution changes, passing new legislation this week.
The new legislation places a AU$1.6 million cap on tax-free superannuation fund holdings for individuals. A cap of $100,000 has also been placed on after-tax contributions.
The full raft of changes to superannuation contributions will come into effect from 1 July 2017.
Super funds are advising individuals
to contact their accountant or financial adviser as soon as possible to understand how these changes may affect them.