The Government has released for public consultation an exposure draft of the legislation to implement the higher concessional superannuation contributions cap for older individuals announced by the Government on 5 April 2013.

The Government will provide an unindexed $35,000 concessional cap to anyone who meets certain age requirements.

The start date for the new higher cap will be 1 July 2013 for people aged 60 and over. Individuals aged 50 and over will be able to access the higher cap from 1 July 2014.

The higher cap is temporary and will cease when the general cap indexes to $35,000 (expected to be 1 July 2018).

UPDATE 30 May 2013: Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013 has been passed by the House of Representatives.