Superannuation


Withdrawing from Super

2. An increase to the age limit that people can make a contribution to super regardless of their employment situation (i.e. the need to satisfy the ‘work test”) from under 65 to under 67 years of age. The proposal has been legislated to take effect from 2020/2021 financial year.

3. An increase to the age limit for a spouse to receive contributions where they are required to meet work test requirements during the financial year and before the contribution is made from under age 70 to under the age of 75. The proposal has been legislated to take effect from 2020/2021 financial year.

4. An increase to the age limit for non-concessional contributions under the ‘3-year bring forward rule’) from 65 to 67 years. The proposal has not yet been legislated.

The first two budget proposals commenced on 30 May 2020 and apply to contributions from the 2020‑2021 financial year.