Budget 2016 superannuation proposals which should be grandfathered – update

As from 27 September 2016, the current Budget 2016 superannuation proposals include:

  • the introduction of a transfer balance cap of $1.6 million on amounts into the tax-free retirement (pension) phase from 1 July 2017.
  • after commencement, if individuals already in retirement as at 1 July 2017 retain balances in excess of the $1.6 million cap and do not transfer the excess out of the retirement phase account, an excess transfer balance tax will be payable;
  • introduction of commensurate measures to defined benefit arrangements;
  • removal of the tax exemption on earnings which support Transition to Retirement Income (pension) streams.

2 pings

  1. […] Save Our Super believes that grandfather clauses must be provided to protect all significantly affected Australians from a number of the remaining Budget 2016 superannuation proposals. […]

  2. […] Save Our Super believes that grandfather clauses must be provided to protect all significantly affected Australians from a number of the remaining Budget 2016 superannuation proposals. […]

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