Super laws clear parliament

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Paul Osborne, AAP Senior Political Writer
(Australian Associated Press)

 

The federal government’s superannuation package has cleared parliament with the support of the Senate crossbench.

Non-concessional super contributions will be limited to $100,000 a year from July 1, 2017, with some scope for catch-up contributions.

Individuals with a super balance of more than $1.6 million will no longer be eligible to make after-tax contributions after the laws cleared the upper house on Wednesday.

Treasurer Scott Morrison said the changes to come into force on July 1 represented the most significant change to the system in more than a decade.

“These are changes that enable the system to be able to be future-proofed, to ensure that those who are saving for their retirement can have a clear set of understandings about how these measures now work,” he told reporters in Canberra.

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