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06/02/19
20:03
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Originally posted by noddy10:
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this is just my understanding of this week's rules - and as stated, if you're not sure then it's too important not to get advice. now - you made that contribution for your wife when the non-concessional limit was 180k/year (or 540k using the bring forward rule which allowed you to bring fwd the following 2 year's amounts). the annual limit is now 100k/year which means that from July 1 2019 you should be able to contribute another 100k - or up to 300k using the following 2 year's amounts as well. Note that this is predicated on your wife's balance being below the 1.6m cap when you make the contributions. the conditions around you be able to make a withdrawal from your super are another question which i think i'll stay away from. also note that bill shorten is proposing to reduce the limit further to 75k/year (225k with bring forward). these new limits would be part of legislation that'd be need to be passed by parliament before being imposed, so the start date for this is unknown at this stage.
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Great response Noddy. I will seek further advice in this area. The rules do become complicated when the 1.6m limit is covered. A fortunate problem to have!!!
Originally posted by noddy10:
↑
this is just my understanding of this week's rules - and as stated, if you're not sure then it's too important not to get advice. now - you made that contribution for your wife when the non-concessional limit was 180k/year (or 540k using the bring forward rule which allowed you to bring fwd the following 2 year's amounts). the annual limit is now 100k/year which means that from July 1 2019 you should be able to contribute another 100k - or up to 300k using the following 2 year's amounts as well. Note that this is predicated on your wife's balance being below the 1.6m cap when you make the contributions. the conditions around you be able to make a withdrawal from your super are another question which i think i'll stay away from. also note that bill shorten is proposing to reduce the limit further to 75k/year (225k with bring forward). these new limits would be part of legislation that'd be need to be passed by parliament before being imposed, so the start date for this is unknown at this stage.
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