Deferral of higher concessional contributions cap for individuals aged 50 and over
July 6, 2012
As at 1 July 2012, all individuals have a cap of $25,000 for all concessional superannuation contributions.
Previously people over 50 years old had a cap on their concessional contributions of $50k – as opposed to the standard $25k for all other individuals. This higher cap expired on 30 June 2012.
The Government was considering continuing the increased cap of $50k for individuals over 50 years old, only if their superannuation balance was less than $500k – however, announced as part of the 2012 Federal Budget, this measure has now been deferred until 1 July 2014.
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