On Friday 29 May, the Superannuation Legislation Amendment (2020 Measures No 1) Regulations 2020 were registered, giving effect to super contribution rules announced as part of the 2019 Federal Budget.
Specifically, the regulations adjust the requirements for a super fund to accept contributions by:
These changes apply to contributions made from 1 July 2020. This provides additional opportunities for people over age 65 but under 67 to make contributions to super if they cannot meet the work test or use the work test exemption.
Please note, these changes relate to the ability for a person to make contributions but does not change contribution caps. To this end, the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 has been introduced to Parliament to extend the non-concessional bring forward age from 65 to 67 from 1 July 2020. At the time of writing, this Bill has only been introduced to Parliament but has not passed into law. Parliament currently plan to sit between 10 and 18 June 2020 and should the Bill progress into law we will provide an update at that time.
If you have any questions, or would like more information, please contact the Client Services on 1800 254 180.
The information in this section of the website is intended for financial advisers only and is not to be distributed to clients. It has been prepared on behalf of Australian Executor Trustees Limited ABN 84 007 869 794 AFSL 240023, IOOF Investment Management Limited ABN 53 006 695 021 AFSL 230524, IOOF Investment Services Ltd ABN 80 007 350 405, AFSL 230703 and IOOF Ltd ABN 21 087 649 625 AFSL 230522 based on information that is believed to be accurate and reliable at the time of publication.