Key Documents
The Government has released for public consultation an exposure draft of the legislation to implement the higher concessional superannuation contributions cap for older individuals announced by the Government on 5 April 2013 and the accompanying Explanatory Memorandum.
To help those nearing retirement to build the adequacy of their retirement savings the Government is introducing a higher superannuation contributions cap of $35,000 for older individuals. For individuals aged 60 and over, the new higher cap will apply from 1 July 2013. Individuals aged 50 and over will be able to access the higher cap from 1 July 2014.
The higher cap is temporary and will cease when the general cap indexes to $35,000 (expected to be 1 July 2018).
The exposure draft legislation will amend the Income Tax Assessment Act 1997, the Income Tax (Transitional Provisions) Act 1997.