Pre Budget Super Changes Announced
In a pre-budget announcement, the Treasurer has announced 3 proposed changes to superannuation;
- Individuals who are 65 to 66 will be able to contribute without passing the work test in the year of contribution. It has already been proposed that individuals over age 65, who have passed the work test in the previous financial year, would be able to contribute so this would seem to be a modification to that announcement.
- The spouse contribution age limit will be extended from 69 to 74
- The 3 year non-concessional bring forward age limit will be extended from age 65 to 66.
Nothing that the government proposes can proceed unless they win the next election, or there is rare bipartisan support, so I’m certainly not planning any changes to our Toolbox algorithms at the moment.