Recently legalisation has been passed that aims to make it easier for senior Australian citizens to contribute to their superannuation.
Head of Superannuation at TSA, Natasha Panagis said that this is welcome news for many older Australians wanting to top up their superannuation savings for retirement.
The legislation will allow individuals aged 67 to 74 to use the three year bring-forward rules to make a non-concessional contribution to superannuation in the same way someone under the age of 67 can.
The eligibility age for downsizer contributions has also been reduced from 65 to 60 from 1 July 2022. “The downsizer contribution rules have been a popular strategy for individuals who are 65 or over and this change will allow more people to downsize and contribute their sale proceeds to their superannuation earlier”.
New legislation has also removed the $450 per month minimum superannuation guarantee (SG) from 1 July 2022. This change will mean many young and/or lower income and part time works will start receiving SG contributions from their employer, regardless of how much they earn per month.
For more information about these measures, click here.