Non concessional contributions (after tax) do not form part of your superannuation fund’s assessable income. The most common are personal member contributions for which no income tax deduction is claimed:
- Annual NCC will be reduced to $100,000 (4 x concessional cap) down from $180,000.
- Once your total superannuation balance has reached $1.6m, from 1 July 2017 you will no longer be able to make non-concessional contributions to super. This does not stop you from making non-concessional contributions in the current 2017 financial year.
2017 will be a watershed year for superannuation in Australia. With many of the reforms …