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13 days for 66 and 67 year olds to make $300k super contribution

Today a change passed through the Parliament (still has to go back to the House of Reps to approve amendments but this is pretty much a formality) that allows individuals aged 65 and 66 who were not previously able to access the bring forward non-concessional contributions cap due to their age may do so, starting in the 2020-21 financial year.

Remember that individuals are be able to “bring forward” an amount of their annual non-concessional contributions cap equal to two or three times the annual cap, ($300,000, becoming $330,000 from 1 July).

Before this change, only an individual under 65 years of age in the financial year in which they make the contribution could access the bring forward non-concessional contributions cap.

This applies to non-concessional contributions made on or after 1 July 2020.

By Ken Mansell

As a stay at home Dad most of the week this is my way of pretending I am still the tax counsel of ASX and SEC listed companies, working at big 4 firms, working at the Federal Treasury, on the Henry Review and at Parliament House for the previous government.

2 replies on “13 days for 66 and 67 year olds to make $300k super contribution”

I just checked an according to Wiki Pauline is 67 years old… The reason the Government are saying they did this is with the Government pension going to 67, all the thresholds in the Tax Acts should be 67 as well.

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