The Morrison government has confirmed changes to regulations around the work test for superannuation and a lift in the maximum age for spouse contributions.
The new rules will come into force from Wednesday, allowing people aged 65 and 66 to make voluntary concessional and non-concessional contributions without meeting the work test and to allow people up to age 75 to receive spouse contributions.
The changes were declared as part of the 2019-2020 budget, under the Superannuation – improving flexibility for Older Australians measure.
Another change in the package, to allow people aged 65 and 66 to make up to three years of non-concessional contributions under the bring-forward rule, is currently before the Parliament in the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020.
Assistant minister for superannuation, financial services and financial technology Jane Hume said: “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.”
“These changes will allow more Australians to boost their savings as they near their retirement.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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