The Treasurer has confirmed that there will be some changes to the Government’s proposal for a lifetime cap of $500,000 on non-concessional superannuation contributions (in a radio interview on 2GB on Monday 8.8.16).These had been announced in the election campaign.

  •  if you get a pay-out as a result of an accident or something like that then that is exempted from the $500,000 cap.
  • If you have entered into a contract before Budget night to settle on a property asset out of your self-managed super fund and you are using after tax contributions to settle that contract – well, that won’t be included.
  • There are other measures that will be in the exposure draft legislation and that will be coming out shortly. So, these are technical common sense.

The Treasurer effectively ruled out lifting the cap $500,000 cap by saying “the only people that would benefit are people who are already on average have $2 million in their superannuation scheme, have already put $700,000 in after tax contributions.

[Transcript of radio interview] [LTN 151, 8/8/16]