On 3 May 2016, the federal government announced an IMMEDIATE cut to the non-concessional contributions cap, including a cessation of the bring-forward rule.
Australians are now subject to a lifetime non-concessional cap of $500,000, rather than the annual cap of $180,000 (and the bring-forward rule allowing up to $540,000 over a 3-year period for under-65s).
Although this change has immediate effect, from 3 May 2016 (7.30pm), it is still subject to legislation and subject to the Coalition winning the July 2016 Federal Election.
With 4 days until the End of the Financial Year, if you are unsure of whether to make an non-concessional contribution to your Super, then please contact Chester Macdonald today on (07) 4922 4548 for guidance.
Please click on the Image for more information - (information courtesy of www.superguide.com.au)