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Super maximisers should consider consequences of possible indexation of key caps to $1.7 million

An increase to the amount that can be transferred into the tax free retirement phase and more scope to make non-concessional contributions are on the horizon.

The Australian Taxation Office (ATO) has summarised a number of superannuation related changes that will occur once the general transfer balance cap is indexed to $1.7 million.Two major flow on consequences of this indexation (which may occur as early as 1 July 2020 but are more likely to be later) are its impact on an individual’s ability to:transfer amounts into the tax free retirement phase; andmake non-concessional contributions without repercussions via associated changes to the total su...

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Authors: Richard Wilkins

Published Date: 05 December 2019

 

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