As a result of the May 2016 Budget announcement changing the non-concessional contributions (NCC) cap, some taxpayers did not put the previously allowed $540k into their SMSFs as a NCC by 30 June 2016. However, under the revised Government announcement in September 2016, some taxpayers would have been permitted to do so. If a taxpayer turned 65 between the two announcements, the taxpayer could no longer contribute the previously permitted contribution of $540k.
The issue affects those taxpayers who as a result of the original announcement did not take advantage of the old NCC cap prior to 30 June 2016 and happened to turn 65 before the revised Government announcement in September 2016. This unfairly disadvantages such taxpayers.
What does the Sounding Board community think of this idea?