Budget and Super, page-82

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baxtermcfaxter

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04/05/16

13:31

Post #: 17674260
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Originally posted by Blue_Sky_Harvest ↑

Source: Budget Paper No 2, p 27.":

"A lifetime non-concessional contributions cap of $500,000 will be introduced. To ensure maximum effectiveness, the lifetime cap will take into account all non-concessional contributions made on or after 1 July 2007, from which time the ATO has reliable contributions records, and will commence at 7.30 pm (AEST) on 3 May 2016.

The lifetime non-concessional cap will replace the existing annual caps which allow annual non-concessional contributions of up to $180,000 per year (or $540,000 every three years for individuals aged under 65).

Contributions made before commencement cannot result in an excess. However, excess contributions made after commencement will need to be removed or be subject to penalty tax.

After-tax contributions made into defined benefits accounts and constitutionally protected funds will be included in an individual’s lifetime non-concessional cap. "

Has anyone yet got their after-tax super contributions statement from the ATO?

It seems to be potentially complicated about what is and isn't included. For example wrt moving funds within super to an income stream.

If ATO don't record it, then I guess it doesn't count for the $500k lifetime cap. So we need to see it the way the ATO have recorded it to make an informed decision about what to pay in this year.

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I take it that the $500,000 cap starts from 1st July 2007.....( replaces $540,000 0ver 3 years or $180,000 0f all and any year(s) ....).....previous to 1st July 2007 contribution are not counted towards this $500,000 cap ????
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