Improving flexibility of superannuation for older Australians.
Treasury has exposure draft legislation to enact proposed changes that will enable taxpayers to make voluntary personal superannuation contributions (concessional and non-concessional) when aged 65 and 66 without needing to meet the work test.
Broadly, the intention behind this change is to have the work test applicable only from age 67, in line with other changes to retirement and pension entitlements.
Other changes in the draft legislation include allowing taxpayers aged 65 and 66 to utilise the 'bring forward' rule for non-concessional contributions and change the cut-off age for spouse contributions from 69 to 74.
The proposed changes are intended to take effect from 1 July 2020 - even if they are enacted at a later date.
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