1300 27 28 29

superannuationFederal 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.

 

This blog has been prepared by RJS Wealth Management Pty. Ltd. ABN 24 156 207 126. RJS Wealth Management Pty. Ltd. is a Corporate Authorised Representative (No. 438158) of Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licensee (Number 233209). The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individual’s personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.