Everyone with a taxable income below $146,000 will receive a larger tax cut than under the original plan, while top income earners will get less than promised.
Higher caps mean you can ramp up non-concessional contributions, retirees can begin pensions with more tax-free money and younger savers get a bigger kick-start.
Assessing the personal impact of any changes to superannuation is complex, writes Chris Balalovski, Partner, Business Services at BDO. Here he explains what is happening with the Transfer Balance Cap this coming financial year.