Members of regulated superannuation funds have no restrictions for making voluntary contributions prior to reaching 65 years of age. However, from 1 July 2020 the government has drafted legislation to increase this age limit and allow 65 and 66 year olds to contribute without restrictions.
The new legislation will also extend the ability for members to make bring forward contributions, potentially making more individuals eligible to make 3 years of contributions.
The legislative changes only relate to voluntary contributions, as employer contributions have different rules relating to individuals over the age of 65.
The government has released an exposure draft Bill and Regulations to seek comments from the community. Consultation to the public will close 3 April 2020.
Source: Wolters Kluwer CCH iQ
