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Super contribution age limits proposed to change

Posted by Northadvisory on April 29, 2019

Members of regulated superannuation funds have no restrictions for making voluntary contributions prior to reaching 65 years of age. However, from 1 July 2020 the government has proposed to increase this age limit and allow 65 and 66 year olds to contribute without restrictions.

This proposal will also extend the ability for members to make bring forward contributions, potentially making more individuals eligible to make 3 years of contributions.

The proposed changes only relate to voluntary contributions, as employer contributions have different rules relating to individuals over the age of 65.