Allowing catch-up concessional superannuation contributions
On 15 September 2016, the Government announced that this measure will commence from 1 July 2018.
Individuals with superannuation balances of less than $500,000 will be able to access their unused concessional contributions 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 2018 can be carried forward.
Individuals will be able to use their accrued unused concessional contributions cap space to make catch-up concessional contributions from 1 July 2019.
Legislation and supporting material
The Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016External Link received Royal Assent on 29 November 2016.
We are committed to providing public advice and guidance to complement the legislation that has been introduced. Further details can be found here.
Find out more
On 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.