As foreshadowed here the superannuation concession changes announced in the 2016-2017 Commonwealth Budget are to be reviewed before legislation is introduced.

The Treasurer has confirmed that there will be an exemption from the $500,000 lifetime cap on non-concessional (after-tax) contributions for self-managed superannuation funds who had pre-existing contracts and were relying on non-concessional contributions.

There is also expected to be an exemption to the cap for “life events”, such as an inheritance, a divorce settlement, or eligibility for a trust payment.