30 June 2020

Delivering greater superannuation flexibility in the new financial year

Today, the Morrison Government has confirmed it will deliver on an election promise to improve the flexibility of the superannuation system for older Australians, ensuring that more Australians can make voluntary contributions to their superannuation when they are in a position to do so.

Regulations are now in force so that from July 1 people aged 65 and 66 can make voluntary concessional and non-concessional contributions without meeting the work test, and to allow people up to age 75 to receive spouse contributions.

These changes were announced as part of the 2019-2020 Budget, as part of the Superannuation — improving flexibility for older Australians measure.

Another change in this 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 Flexibility Superannuation) Bill 2020.

“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,” said Assistant Minister Hume.

“These changes will allow more Australians to boost their savings as they near their retirement.”

The regulations to give effect to the work test changes and changes for spouse contributions are available here:  https://www.legislation.gov.au/Details/F2020L00645 

These changes apply from 1 July 2020.