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HomeSMSF NewsDeferral of higher concessional contributions cap for individuals aged 50 and over

Deferral of higher concessional contributions cap for individuals aged 50 and over

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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Diana Morris founded The SMSF Accountant in 2010. Diana is a member of the Institute of Chartered Accountants, holds a current public practice certificate, and is a registered tax agent. Diana has completed a Bachelor of Commerce degree and a Graduate Diploma of Chartered Accounting.