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Three changes to super have been proposed in the 2019 Federal Budget. All three are aimed at assisting older Australians who can afford to make additional contributions to super.

These are proposals only and will not come into force until legislation is passed.

Super SA will monitor the legislative and regulatory outcome of the proposed budget changes and will update members accordingly.

The key changes in the Budget that will impact superannuation are:

  • Work test eligibility

Proposed change:

The Federal Government will change the rules around the work test, allowing people aged 65 and 66 to make voluntary contributions, both pre and post-tax, without meeting the work test requirements. Currently people are required to work a minimum of 40 hours over a 30-day period within a financial year to make a contribution. 

The change will mean that the age from when the work test applies and the eligibility age for the Age Pension will align.
The Age Pension age is scheduled to increase to 67 from 1 July 2023.

The change will affect:

People aged 65 and 66 will benefit from this change in 2020-21.

The change, when legislated, will take effect from 1 July 2020.

 

  • ‘Bring forward’ rule

Proposed change:

The Federal Government will change the ‘bring it forward’ rule, benefitting those aged 65 and 66. Currently people aged under 65 are able to ‘bring forward’ up to three years’ worth of after-tax contributions into a single financial year. This is otherwise capped at $100,000 a year.

The change will allow those aged 65 and 66 to make voluntary after tax contributions of up to $300,000 in a single financial year. No other changes to the eligibility criteria of the ‘bring it forward’ rule have been indicated.

The change will affect:

People aged 65 and 66 will benefit from this change in 2020-21. 

The change, when legislated, will take effect from 1 July 2020.

 

  • Spouse contributions

Proposed change:

The Federal Government will change the rules around spouse contributions, allowing people up to the age of 74 to receive spouse contributions. Currently, people aged over 70 years cannot receive contributions made by another person on their behalf.

The change will affect:

People aged between 70-74 years will benefit from this change in 2020-21.

The change will take effect from 1 July 2020.

 

Super SA will update our website with any news on these proposed changes.

 

Dascia Bennett, Chief Executive

This summary from the 2019 Federal Budget only includes information in relation to superannuation. It has been prepared with the support of the Australian Institute of Superannuation Trustees (AIST).