Allowing catch-up concessional superannuation contributions
On 15 September 2016, the Government announced that this measure will now commence from 1 July 2018.
In the 2016-17 Budget it was announced that from 1 July 2017 individuals with superannuation balances of $500,000 or less will be allowed to access their unused concessional cap space to make additional concessional (before-tax) contributions.
Individuals will be able to access their unused concessional contributions cap space on a rolling basis for a period of 5 years. Amounts carried forward that have not been used after 5 years will expire. Only unused amounts accrued from 1 July 2017 can be carried forward.
Legislation and supporting material
- Legislation is currently being developed for this measure.
Find out moreOn 15 September 2016, the Government announced that from 1 July 2018 individuals with superannuation balances of $500,000 or less will be able to make 'catch-up' superannuation contributions.