Welcome to the Winter 2016 newsletter.
16/17 Federal Budget Report Highlights
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On Tuesday 3 May the Treasurer, Scott Morrison, released the Government's 2016/17 Budget - the Government's economic plan for Australia's transition from mining boom to a more diverse economy.
The budget contained a number of important changes to the superannuation system, including retirement income streams and tax changes. As some of these changes are significant, it is important that you discuss your particular situation and how these changes may affect you with your financial adviser.
Note: These measures are proposals only and will need passage of legislation to become law.
The key superannuation changes announced include:
- Reducing the concessional contributions cap
- New lifetime non-concessional contributions cap
- $1.6 million cap on the amount that can be transferred into a tax-free retirement income stream
- Increasing flexibility for contributions made after age 65
- Change to the taxation of transition to retirement income streams
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