ATO assistance with the pending $500,000 lifetime super cap
In the 2016/2017 Federal Budget, it was announced that, from 7:30pm (AEST) on 3 May 2016, there will be a lifetime cap of $500,000 on non-concessional (i.e., non-deductible) superannuation contributions.
This new lifetime cap is proposed to take into account all non-concessional contributions an individual has made on or after 1 July 2007.
Therefore, taxpayers currently planning to make non-concessional contributions may need to check their historical non-concessional contributions, back to 1 July 2007. Fortunately, the ATO has stated that, where individuals and funds have met their lodgment obligations, the ATO will be able to calculate and report these amounts for the period from 1 July 2007 to 30 June 2015.
Editor: If you are considering making such contributions but are unsure of your past nonconcessional contributions, let us know, as we can expedite getting the ATO to make these calculations
-O-
**Disclaimer: The information is sourced through NTAA**
For tax help, please call Hart Partners today:
Phone (03)9600 3220 Mobile: 0413 222 922 Fax (03) 9376 3507
or email us paula@www.hartpartners.com.au.
| Please Note:
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. |