Effective since July 2017, the general concessional contributions cap has been lowered to $25,000 (2017/2018 year) from the higher cap of $30,000 (for the 2016/2017 year), and the over-50s cap of $35,000 (for the 2016/2017 year).
This measure, along with applying higher contributions tax to the contributions from high-income earners (see later in the list), will raise $2.43 billion over 4 years. For more information about the concessional contributions caps for the 2017/2018 year, see SuperGuide articles Super concessional (before-tax) contributions: 2017/2018 survival guide and Concessional contributions caps to be slashed from July 2017.
Introduction of catch-up concessional contributions over 5-year period (from July 2018): The one upside to the cut in the annual concessional (before-tax) contributions cap, is that the government has introduced catch-up concessional contributions.
The catch-up contributions opportunity was initially planned from 1 July 2017, but the measure has now been delayed. Instead the start date for the catch-up provisions is 1 July 2018. What this new measure means is that unused portions of the concessional cap each year can be carried forward on a rolling basis for up to 5 years, for the annual caps applicable from July 2018, BUT ONLY IF YOU HAVE AN ACCOUNT BALANCE OF LESS THAN $500,000.
This $500,000 cap requirement is going to cause administrative chaos for super funds. I hope the account-balance requirement is reconsidered before July 2018. This measure will cost $350 million over 4 years. For more information, see SuperGuide article Super opportunity: Catch-up concessional contributions from July 2018.