The Assistant Minister for Superannuation Senator Jane Hume has welcomed the recent amendments to the SIS Regulations that will allow more people to make voluntary superannuation contributions from 1 July 2020.
The Superannuation Legislation Amendment (2020 Measures No 1) Regulations 2020, registered on 29 May 2020, allow people aged 65 and 66 (ie under age 67) to make voluntary super contributions (both concessional and non-concessional) without meeting the work test. The amendments bring these contribution rules into line with those for individuals under 65 years, providing greater flexibility to make contributions as they approach retirement. The age limit for making spouse contributions has also been increased from 69 to 74 from 1 July 2020.
These changes to the super contributions rules were previously announced in the 2019–2020 Federal Budget. Another change in that Budget package will allow people aged 65 and 66 (ie under age 67) to make up to three years of non-concessional contributions (ie $300,000) under the bring-forward rule from 1 July 2020. Senator Hume said this additional measure is still before the House of Representatives in the Treasury Laws Amendment (More Flexibility Superannuation) Bill 2020.
Source: https://ministers.treasury.gov.au/ministers/jane-hume-2019/media-releases/delivering-greater-superannuation-flexibility-new-financial; www.legislation.gov.au/Details/F2020L00645.