Powered by MOMENTUM MEDIA

Government’s More Flexible Super bill passes with amendments

By Neil Griffiths
 — 1 minute read

The government’s More Flexible Superannuation Bill passed through the Senate on Thursday with amendments put forward by One Nation.

The bill – which enables those aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule – passed with amendments that include higher concessional contributions for individuals aged 65 and over and being able to recontribute COVID-19 early release super amounts.

“This amendment will allow those Australians who have withdrawn their money the opportunity to put that money back into their account by 2030,” senator Pauline Hanson said.

Advertisement
Advertisement

“This a way of savings for people to put the money back into their account with no penalties.”

Shortly after, the Self Managed Superannuation Funds Bill – which increases the number of allowable members in self-managed and small APRA funds from four to six – was also passed without amendment.

Meanwhile, government’s contentious Your Future, Your Super bill is gaining steam to also be passed in the Senate after gaining the support of One Nation and Centre Alliance.

It is expected that the laws will come into effect on 1 July.

 

The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!

 

Government’s More Flexible Super bill passes with amendments
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.