There are three changes to superannuation which will benefit older Australians who can afford to make additional voluntary superannuation contributions.
First, people aged 65 and 66 years will be able to make voluntary concessional and nonconcessional super contributions, without meeting the work test.
Secondly, the ‘bring-forward’ rule, which currently allow those aged less than 65 years to make three years’ worth of non-concessional contributions in one year will be extended to those aged 65 and 66. This will allow these people to make voluntary non-concessional caps of up to $300,000 in a single year.
Thirdly, members will also be able to make voluntary contributions for a spouse up to age 74, up from the current cut-off of 69 years.