Lifetime $500,00 Non-Concessional Superannuation Cap

16 Jul 16

Lifetime $500,000 Non-Concessional Superannuation Cap

As announced in the 2016-2017 Federal Budget, the Government has proposed a lifetime non-concessional superannuation contributions cap of $500,000 to apply from Budget night (3 May 2016). This means that people who are planing to make non-concessional contributions now, need to check their historical non-concessional contributions data back to 1 July 2007 (which will be counted against the $500,000 lifetime limit). To this end, the ATO can calculate non-concessiional contributions amounts for the period 1 July 2007 to 30 June 2015, provided that the individual and funds have met their lodgement obligations. 

The ATO says the amounts are calculated manually based on infrormation from funds, income tax return and excess contribution amounts release from funds.