✦ Plain-English Summary

Treasury Laws Amendment (More Flexible Superannuation) 2020

What it does

This law raises the age at which you can make extra after-tax contributions to your super from 65 to 67. It gives people a couple more years to boost their retirement savings with their own money before they hit the age limit.

Why it matters

If you're between 65 and 67 and earning income, you can now put more money into super and get tax breaks on it. This is helpful for people who want to catch up on retirement savings or keep working a bit longer without hitting contribution limits.

Key details

• The change applies from 1 July 2020 onwards — anyone making extra super contributions after that date gets the new rules
• It only affects non-concessional contributions — that's money you put in with your own after-tax dollars, not employer contributions or salary sacrifice
• The age threshold moves from 65 to 67 — so the cap on how much you can contribute per year now applies to people aged 67, rather than 65

Official Description

Amends the Income Tax Assessment Act 1997 to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule.

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.