This is incorrect, you cannot contribute once you reach the current $1.7 million cap except for payg Government gazetted contributions which is currently 10.5% of earnings.
" you must pay for each eligible employee is 10.5% of their ordinary time earnings (OTE). However, it's scheduled to progressively increase to 12% by 2025."
Turnbull introduced the Super cap on 1st July 2017. any funds over $1.6 million at the time had to be moved back into the accumulation account which is taxed on profits and capital gains.
If your balance was below the $1.6 million and you make profits then this is OK to keep in the pension stage account, however once you reach your Super Cap now $1.7 million you CANNOT contribute to the superfund and will be fined if you do.
"Furthermore, they reduced the amount that could be held by retirees in the zero-tax pension phase by introducing a transfer balance cap, limiting the amount an individual can transfer into their pension fund to $1.6 million. This prohibited individuals from making further non-concessional contributions if they had a super balance of more than $1.6 million. "
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