Update: Improving flexibility of super for older Australians

Written and accurate as at: 12 June 2020

When it comes to securing a comfortable lifestyle in retirement, the receipt of Super Guarantee contributions throughout your working years may not be enough. This is where voluntary super contributions can come in.

Still, with voluntary super contributions, there are restrictions. In the 2019-20 Federal Budget, the Government announced their intention to ease some of these restrictions and on 29 May 2020 the Superannuation Legislation Amendment (2020 Measures No. 1) Regulations 2020 was registered on the Federal Register of Legislation to, from 1 July 2020:

The Government also announced they will increase, from 64 to 66, the age at which individuals can make up to three years of non-concessional super contributions under the bring-forward rule. However, please note that the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020 must pass through the parliamentary process and receive royal assent for this to take effect (from 1 July 2020) – this has not yet occurred.