--- title: Changes to superannuation budget measures description: The changes announced will scrap the controversial $500,000 lifetime cap on non-concessional contributions, alongside a number of other changes. image: https://blog.centrepointalliance.com.au/hubfs/canberra.jpg --- [![centrepointalliance](https://blog.centrepointalliance.com.au/hubfs/CentrepointAlliance-Feb2017/Image/logo.png "centrepointalliance")](https://www.centrepointalliance.com.au/) # Changes to superannuation budget measures [Super](https://blog.centrepointalliance.com.au/blog/topic/super) ###### SHARE ON LINKEDIN ###### May 8, 2017 [![](https://blog.centrepointalliance.com.au/hubfs/canberra.jpg) ](https://blog.centrepointalliance.com.au/blog/changes-to-superannuation-budget-measures) **By Peter Kelly, Retirement Strategies and Solutions Specialist, Centrepoint Alliance.  Published 14th September 2016.** On 15 September 2016 Scott Morrison, Treasurer, and Kelly O’Dwyer, Minister for Revenue and Financial Services, held a joint press conference to announce major changes to some of the superannuation measures that were announced in the 2016/17 Federal Budget. The changes announced will scrap the controversial $500,000 lifetime cap on non-concessional contributions, alongside a number of other changes. The following table sets out the announcements. These changes passing will be subject to the successful pathway required to amend legislation; which is expected to be tabled in parliament by the end of this year.  | ##### Previous budget announcement | ##### Proposed amendment | | --- | --- | | $500,000 lifetime cap on non-concessional contributions to apply from 3 May 2016, and inclusive of non-concessional contributions made since 1 July 2007. | The lifetime cap is to be scrapped. It will be replaced with a $100,000 annual cap on non-concessional contributions, with the ability for those under 65 to bring forward up to three years of contributions. Non-concessional contributions will only be available to people with less than $1.6M (indexed) in superannuation. This measure is to take effect from 1 July 2017. | | Removal of the work test – thereby enabling people aged between 65 and 74 to make superannuation contributions without having to be gainfully employed for a minimum period of 40 hours within a 30-day consecutive period. To apply from 1 July 2017. | This measure will not be continuing. Consequently individuals wishing to make superannuation contributions between the ages of 65 and 74 will need to meet the work test, which currently applies. | | A concessional contribution catch-up would allow people with less than $500,000 in superannuation to carry forward any unused portion of their concessional contribution cap for a period of up to five years. To apply from 1 July 2017. | This measure will continue, however, its implementation will be deferred by one year. To take effect from 1 July 2018. | The implementation of these changes will result in a cost saving for the government of $180M over the forward estimates. Fact sheets on the government’s superannuation changes are available [here](http://www.treasury.gov.au/SuperReforms).  *Source: [Even fairer, more flexible and sustainable superannuation](http://sjm.ministers.treasury.gov.au/media-release/096-2016/). A joint media release issued by the Hon Kelly O’Dwyer MP and the Hon Scott Morrison MP – 15 September 2016. * [JOIN OUR COMMUNITY](https://www.centrepointalliance.com.au/contact-us/join-us/) ## Financial Advice - [Financial Advice](https://www.centrepointalliance.com.au/financial-advice/) - [Technology ](https://www.centrepointalliance.com.au/financial-advice/technology/) - [Professional development](https://www.centrepointalliance.com.au/financial-advice/professional-development/) - [Compliance and professional standards](https://www.centrepointalliance.com.au/financial-advice/compliance-and-professional-standards/) - [Business support](https://www.centrepointalliance.com.au/financial-advice/business-support/) ## Viewpoints - [The science of retirement](https://blog.centrepointalliance.com.au/blog/the-science-of-retirement) - [EOFY is a great time for a financial health check](https://blog.centrepointalliance.com.au/blog/eofy-is-a-great-time-for-a-financial-health-check) - [Should we be able to access super to buy a home?](https://blog.centrepointalliance.com.au/blog/should-we-be-able-to-access-super-to-buy-a-home) - [Ten changes to superannuation under a Coalition government](https://blog.centrepointalliance.com.au/blog/ten-changes-to-superannuation-under-a-coalition-government) ### Viewpoints ![The science of retirement](https://blog.centrepointalliance.com.au/hubfs/senior-man-experiencing-virtual-reality-eyeglasses-headset-picture-id1186885253.jpg) [The science of retirement](https://blog.centrepointalliance.com.au/blog/the-science-of-retirement) [Read More](https://blog.centrepointalliance.com.au/blog/the-science-of-retirement) ![EOFY is a great time for a financial health check](https://blog.centrepointalliance.com.au/hubfs/EOFY-1000x230.jpg) [EOFY is a great time for a financial health check](https://blog.centrepointalliance.com.au/blog/eofy-is-a-great-time-for-a-financial-health-check) [Read More](https://blog.centrepointalliance.com.au/blog/eofy-is-a-great-time-for-a-financial-health-check) ![Should we be able to access super to buy a home?](https://blog.centrepointalliance.com.au/hubfs/2480x907.png) [Should we be able to access super to buy a home?](https://blog.centrepointalliance.com.au/blog/should-we-be-able-to-access-super-to-buy-a-home) [Read More](https://blog.centrepointalliance.com.au/blog/should-we-be-able-to-access-super-to-buy-a-home) Principal Location - Corporate [ Level 8, 309-315 George Street Sydney NSW 2000 ](https://goo.gl/maps/2EYipt4RQFizg18XA) T: [1300 557 598](tel:+611300557598) - - - - [FSG](https://www.centrepointalliance.com.au/fsg/) - [Privacy Policy](https://www.centrepointalliance.com.au/privacy-policy/) - [Terms](https://www.centrepointalliance.com.au/terms/) - [Complaints](https://www.centrepointalliance.com.au/complaints/) © Copyright 2022 Centrepoint Alliance Limited - [FSG](https://www.centrepointalliance.com.au/fsg/) - [Privacy Policy](https://www.centrepointalliance.com.au/privacy-policy/) - [Terms](https://www.centrepointalliance.com.au/terms/) - [Complaints](https://www.centrepointalliance.com.au/complaints/) - - ![](https://www.facebook.com/tr?id=194802264386661&ev=PageView&noscript=1)