The Treasurer, The Hon Josh Frydenberg, announced that the Government will change a number of superannuation contribution eligibility rules from 1 July 2020.
The changes include:
- Allowing individuals to make voluntary concessional and non-concessional superannuation contributions up to age 66 without having to meet the work test;
- Extending the age limit for spouse contributions from 69 to 74;
- Extending the age limit for the three-year bring forward arrangements for non-concessional contributions from 64 to 66.
These proposals are not yet law and any changes will require legislation to be passed by Parliament.
Frydenberg, Super boost: more flexibility for retirement, 1 April 2019