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What's in the govt's new super package

AAP logoAAP 15/09/2016

WHAT'S ON THE TABLE NOW FOR SUPERANNUATION:

* Cut annual non-concessional contributions cap to $100,00 a year (down from $180,000).

* Under 65s can still "bring forward" three years' worth of non-concessional contributions in a lump sum.

* Those with with superannuation account balance of more than $1.6 million can't make non-concessional (after tax) contributions after July 1, 2017.

* They can make "catch-up" concessional contributions starting from July 1, 2018 (delayed by a year).

WHAT DOES THIS MEAN?

Each year you will be able to contribute up to $125,000 to your superannuation (combined before and after tax amounts) until your account balance reaches $1.6 million. If you want to "bring forward" a lump sum, you can contribute up to $325,000 in any one year.

WHAT IS NO LONGER PLANNED?

* A $500,000 lifetime cap on non-concessional contributions, backdated to 2007.

* Keeping a work test for people aged 65-74 who want to make extra contributions to their super.

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