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NCC clarification?
I realise that the super changes announced on budget night still require legislation to be passed but would interested in getting clarification on the NCC lifetime cap rules.
If you had more that $500k in NCC prior to the budget announcement is the excess amount over the $500k required to come out of your NCC account balance? It is very confusing. It appears for those that have excess to the $500k NCC prior to budget night are able to keep their excess NCC balance and it is not trimmed back to $500k but they are deemed to have met their lifetime limit and not required to remove any excess NCC amount, could you please clarify?
My wife has $550k and I $450k as at budget night. Our accountant is saying my wife will need to reduce and remove 50K from her account and I can increase mine to $500k
Wife is 58 and I am 60.
A: Unfortunately, your accountant is incorrect.
If a person has already made more than $500,000 NCC as at 7.30pm on 3 May 2016 (as in the case of your wife), no action is required. The person (such as your wife) just won’t be able to make any further NCC.
In your case, you can make an additional NCC of $50K.
I hope this is clear.
