From 1 July 2017 Individuals with an adjusted taxable income above $250,000 will pay an additional 15% tax on contributions that aren’t in excess of their annual superannuation contribution cap.
Additionally, the mandatory super contributions cap will be lowered to $25,000 for all individuals. (They are currently $30,000 for those under age 50; $35,000 for those aged 50 and over.)
Legislation is currently being developed for this measure.
As we hear more we will update you…