On 15 September 2016, the Government announced that the $500,000 lifetime post-tax contribution cap that was proposed in the May 2016 Federal Budget will not proceed. The annual post-tax contribution cap will continue, however the cap will reduce from the existing amount of $180,000 per year to $100,000 per year from 1 July 2017. Individuals under age 65 will continue to be able to bring forward three years’ worth of post-tax contributions ($300,000 over three years for those under age 65). Please note that these further proposals have not yet been legislated. We will update this information as the proposed reforms pass through the parliamentary process.