Older Aussies to benefit from improved super system
The Morrison Government has announced more flexibility for older Australians and their superannuation from the new financial year as the changes will allow to skip the the work test for people aged 65 and 66 when making voluntary concessional and non-concessional contributions.
At the same time, people up to age 75 would be allowed to receive spouse contributions.
The changes were announced as a part of the 2019/20 Budget, “Superannuation – improving flexibility for older Australians” measure.
Additionally, people aged 65 and 66 would be allowed to make up to three years of non-concessional contributions under the bring-forward rule, which is currently before the Parliament in the Treasury Laws Amendment Bill 2020.
“The Morrison Government is conscious that systems must be sufficiently flexible to allow individuals to save for their retirement, through life’s ups and downs,” the Assistant Minister for Superannuation, Financial Services and Financial Services Technology, Senator Jane Hume said.
“These challenges will allow more Australians to boost their savings as they near their retirement.”
AUTHOR
Oksana Patron
Recommended for you
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
