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2016-17 FEDERAL BUDGET REPORT HIGHLIGHTS
WHAT IT MEANS FOR YOU On Tuesday 3 May the Treasurer, Scott Morrison, released the Government's 2016/17 Budget .
The budget contained a number of important changes to the superannuation system, including retirement income streams and tax changes.
Note: These measures are proposals only and will need passage of legislation to become law. The key superannuation changes announced include:
• Reducing the concessional contributions cap;
• New lifetime non-concessional contributions cap;
• $1.6 million cap on the amount that can be transferred into a taxfree retirement income stream;
• Increasing flexibility for contributions made after age 65;
• Change to the taxation of transition to retirement income streams.