Election commentary

Non-Concessional Contributions

Under current law, the maximum non-concessional (after tax) contributions that can be made to superannuation is $100,000 per financial year, provided this contribution won’t take you over the $1.6 million total superannuation balance. The bring-forward rule, allows individuals under 65 to bring forward two additional years’ worth of contributions, meaning a maximum of $300,000 can be made.

Labor is proposing the non-concessional contribution cap be reduced to $75,000. This would also see the bring forward amount reduced to $225,000

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.au

Please note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.