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2019/20 Federal Budget

There were only three modest contribution changes to superannuation announced in the Federal Budget on 3 April 2019 that will assist members. These changes are proposed to commence on 1 July 2020 and assume that the current Government is re-elected at the Federal Election scheduled to take place on 18 May 2019.
The changes are:
  • Members aged 65 and 66 will be able to make voluntary contributions and non-concessional super contributions without meeting the work test. This test requires a member to work at least 40 hours over a 30 day period;
  • these members aged 65 and 66 will be able to make voluntary non-concessional contributions of up to $300,000 in a single financial year;
  • members will be able to make voluntary contributions for a spouse partner up to age 74, up from the the current cut-off of 69 years.
It is emphasised that these are Government proposals only and must be approved by parliament before becoming law.