This article is published by Modoras Pty Ltd ABN 86 068 034 908
Federal Budget 2019: Superannuation
Federal Budget 2019 Initiatives: Superannuation
- Changes to voluntary super contributions
- Increasing age limit for spouse contributions
- Extended access to bring-forward non-concessional contributions
Changes to Voluntary Super Contributions
Currently, people aged 65 to 74 can only make voluntary superannuation contributions if they meet the work test which requires working a minimum of 40 hours over a 30 day period in the relevant financial year.
Increasing Age Limit for Spouse Contributions
Currently those aged 70 and over, cannot receive spouse contributions. It is proposed that an increase in the age limit for spouse contributions to 74 will give older Australians greater flexibility to save for retirement.
Extended Access to Bring-Forward Non-concessional Contributions
Australians aged 65 and 66 will also now be able to make up to three years of non-concessional contributions to super under the exiting bring-forward rule.
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