Super contribution age limits proposed to change
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.
“Proposed changes to super contribution age limits create new opportunities to build retirement savings later in life.”
About the author
Marius Fourie - Director & Business Advisor
As Director and Business Advisor, Marius uses his accounting expertise and empathetic skills to work directly with business owners and help them feel at ease with their finances.
Marius saw a common need in clients that just wasn’t being met by accounting providers.
That need was for clear, open communication and streamlined accounting services that didn’t come padded out with any unnecessary features.
Business owners just don’t have time to compare different accounting firms to see which one has the best packages with the best inclusions (many of which they would pay for but never use).
Key Takeaways
Age Limits Directly Affect Contribution Opportunities
Changes to age limits determine how long you can continue adding to super.
Longer Working Lives Are Being Recognised
Proposals reflect the reality that many Australians are working later into life.
Flexibility Can Improve Retirement Outcomes
Extended contribution windows may allow people to strengthen super balances closer to retirement.
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Frequently Asked Questions
What super contribution age limit changes were proposed?
The proposals aimed to increase the age at which individuals could make voluntary super contributions, allowing people to continue contributing later in life.
Why were these changes proposed?
The changes were designed to reflect longer working lives and give Australians greater flexibility to build retirement savings as they age.
Who would benefit most from higher age limits?
Older Australians still working, self-funded retirees and those receiving windfalls later in life may benefit most from extended contribution opportunities.
Do proposed changes apply automatically?
No. Proposed changes must be legislated before becoming law, so it’s important to confirm current rules before acting.
Should I change my super strategy based on proposals?
Not immediately. Reviewing your strategy is sensible, but decisions should be based on confirmed legislation rather than announcements alone.
Does this proposal apply to both concessional and non-concessional contributions?
Yes. The change was proposed to allow 65 and 66-year-olds to make voluntary contributions more freely, which can include both concessional and non-concessional contribution types (depending on eligibility).
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