The Federal Government has dropped its $500,000 superannuation cap measure.
In a move aimed at placating the Coalition back-bench and ensuring the passage of the Government's broader superannuation package through the Parliament, Treasurer Scott Morrison confirmed the changes to the cap measure today.
The Treasurer said the $500,000 lifetime non-concessional cap will be replaced by a new measure to reduce the existing annual non-concessional contributions cap from $180,000 per year to $100,000 per year;
He said individuals aged under 65 will continue to be able to "bring forward" three years' worth of non-concessional contributions in recognition of the fact that such contributions are often made in lump sums; and that individuals with a superannuation balance of more than $1.6 million will no longer be eligible to make non-concessional (after tax) contributions from 1 July 2017.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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