Government releases further draft legislation for super reforms
The government has released the third tranche of exposure draft legislation for the superannuation reforms with details on the annual non-concessional caps.
The exposure draft legislation included legislative amendments to reduce the annual non-concessional cap to $100,000 and restricting access to non-concessional contributions to individuals with superannuation balances below $1.6 million.
“It also includes further amendments to make administrative arrangements simpler and more consistent for individuals and superannuation providers,” said Treasury.
Treasury said government remains on track to have the superannuation reform measures introduced into Parliament before the end of the year.
“This will provide taxpayers with certainty so they can make decisions about their savings and superannuation with confidence,” said the government.
“Introducing the legislation also provides superannuation trustees with the certainty they need to implement these reforms. With the support of the Senate, there will be no impediment to this occurring.”