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Improving flexibility of superannuation for older Australians

9 days left to have your say
Date
-
Consultation Type
Exposure Draft

Key Documents

The exposure draft Bill and Regulations are intended to give effect to the measure: Superannuation – improving flexibility for older Australians 365体育投注官网announced in the 2019-20 Budget, effective from 1 July 2020.

365体育投注官网The Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) currently allow people aged 65 to 74 to make voluntary contributions to superannuation, if they work a minimum of 40 hours over a 30 day period in a given financial year (the work test). The SIS Regulations also allow only people that are aged less than 70 to receive spouse contributions. Similar restrictions apply in respect of the retirement savings accounts under the Retirement Savings Accounts Regulations 1997 (RSA Regulations).

The draft Regulations would amend the SIS Regulations to both allow people aged 65 and 66 to make voluntary contributions without meeting the work test, and people aged 70 to 74 to receive spouse contributions. The draft Regulations would make corresponding amendments to the RSA Regulations.

The Income Tax Assessment Act 1997 (ITAA) allows people aged less than 65 years to make up to three years of non-concessional contributions under the bring-forward arrangements.

365体育投注官网The draft Bill would amend the ITAA to extend access to the bring‑forward arrangements to people aged 65 and 66 for the first time.

365体育投注官网Further details on the draft Bill and Regulations are contained in the Explanatory Statements.

The community’s views are sought on the draft Bill and Regulations.

Responding

You can submit responses to this consultation up until 03 April 2020. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines365体育投注官网 for further information.

How To Respond

Email

superannuation@horseshoexp.com

Post

Address written submissions to:

The Manager
Retirement Income Policy Division,
The Treasury
Langton Crescent
PARKES ACT 2600

Enquiries

Email: superannuation@horseshoexp.com