Higher concessional superannuation contributions cap

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.

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