Turnbull govt starts superannuation “catch-up” measure

turnbull-government/Kelly-O'Dwyer.-Minister-for-Revenue/Labor-Party/superannuation/

6 July 2018
| By Nicholas Grove |
image
image
expand image

The Turnbull Government has announced that the catch-up carry forward superannuation measure, under which millions of individuals with balances below $500,000 will be able to “catch up” on their retirement savings by accessing unused portions of their concessional contributions cap, has started this week.

These unused portions can be carried forward for five years to enable extra contributions from 2019-20 onwards where people have the financial capacity to do so, Federal Minister for Revenue and Financial Services, Kelly O'Dwyer MP explained.

“The Turnbull Government’s superannuation taxation reforms have given individuals, especially women, more control over their superannuation savings and will support their economic security in retirement,” she said.

O’Dwyer said this measure “recognised the reality of modern careers” and would be of particular assistance to people who are absent from the workforce because of illness or injury, caring responsibilities or to undertake further study.

“This important measure will make it easier for those with interrupted work patterns to save for retirement and benefit from the tax concessions commensurate with individuals who have a regular income,” she said.

O’Dwyer also took aim at the Labor party, who she said opposed the measure and “would scrap it if they got the chance, preventing these people from being given the opportunity to boost their retirement savings”.

O’Dwyer said this measure completed the implementation of a suite of measures in the 2016-17 Budget that were aimed at improving the fairness and flexibility of the superannuation system.

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS