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2016 list of legislative and technical updates
Change | Date implemented in Pathfinder | Details |
|---|---|---|
Allowing 'catch-up concessional superannuation contributions' by allowing unused concessional contribution caps to be carried forward on a rolling basis for up to five years for those with account balances of $500,000 or less. |
| If you allow voluntary super concessional contributions in a case, Pathfinder may use catch-up contributions if the individual is eligible and it is beneficial in the context of the scenario and assumptions. In the scenario results, the following reports have more information:
|
From 1 July 2017, $1.6m cap on rollovers to the pension. |
| Pathfinder calculates rollovers to the pension and it will never exceed the cap. In the scenario results, you can see the transfer balance details in the pension fund cash account report in the detailed reports: (Individual name) > (Super fund name) > (Super fund name) pension > Cash account At the end of the report, there are lines for the transfer balance cap. |
From 1 July 2017, restrict non-concessional contributions to individuals with a total superannuation balance below $1.6m. |
| Pathfinder will never make non-concessional super contributions when the total superannuation balance is $1.6m or over. You can see the total super balance used in this restriction in the 'Super deposits summary' report, which is in the detailed reports:
|
From 1 July 2017, reduce cap on annual non-concessional super contributions to $100k. New cap on 3-year bring forward rule is reduced to $300,000 if super balance is less than $1.4m. If super balance is between $1.4m and $1.5m , the bring-forward rule is only allowed for 2 years (i.e. $200k). If super balance is at or over $1.5m, the bring-forward rule is not allowed to be used. |
| If you allow non-concessional super contributions in a case, Pathfinder may make non-concessional super contributions and use the bring forward rule, however, it will never go over the caps. In the scenario results, the following reports have more information:
|
From 1 July 2017, improve access to concessional contributions by removing the restriction that prevents persons receiving more than 10% of their income in salary and wages from claiming a tax concession. |
| To check if voluntary concessional contributions are made:
|
From 1 July 2017, removing tax exempt status from assets supporting transition to retirement income streams. |
| You can allow Pathfinder to optimise TTR pensions. In the scenario results, the following reports have more information:
|
From 1 July 2017, lower concessional cap of $25,000 from 2017/18 onwards. |
| Pathfinder will never make concessional contributions over the cap:
|
From 1 July 2017, a Low Income Superannuation Tax Offset (LISTO) to replace the LISC when it ends on 30 June 2017. |
| Pathfinder will automatically calculate whether an individual is eligible for the Low Income Superannuation Tax Offset (LISTO). If an individual receives the LISTO, it will be listed:
|
Extending the spouse tax offset to recipients with income up to $37,000 (currently $10,800). |
| |
Increasing the third personal income tax threshold from $80,000 to $87,000 for 2016/17 onwards. | ||
If adjusted income is above 80,000 then FTB-A supplement is considered 0. |