The Morrison Government has announced more flexibility for older Australians and their superannuation from the new financial year as the changes will allow to skip the the work test for people aged 65 and 66 when making voluntary concessional and non-concessional contributions.
At the same time, people up to age 75 would be allowed to receive spouse contributions.
The changes were announced as a part of the 2019-2020 Budget, “Superannuation – improving flexibility for older Australians” measure.
Additionally, people aged 65 and 66 would be allowed to make up to three years of non-concessional contributions under the bring-forward rule, which is currently before the Parliament in the Treasury Laws Amendment 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,” the Assistant Minister for Superannuation, Financial Services and Financial Services Technology, senator Jane Hume.
“These challenges will allow more Australians to boost their savings as they near their retirement.”