Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

‘Catch-up’ contributions come into effect

Australians with low super balances will be able to make “catch-up” contributions under a measure the Turnbull government is describing as a means of addressing the gender super gap.

Minister for Revenue and Financial Services and for Women Kelly O’Dwyer said on Thursday that the measure, which came into action on 1 July 2018, will help savers, and especially women, save more.

Savers with balances of less than $500,000 will be able to make “catch-up” payments by accessing unused portions of their concessional contributions caps. Savers can carry forward the unused space for five years.

“The Turnbull government’s superannuation taxation reforms have given individuals, especially women, more control over their superannuation savings and will support their economic security in retirement,” Ms O’Dwyer said.

Advertisement
Advertisement

“This important measure will make it easier for those with interrupted work patterns to save for retirement and benefit from the tax concessions commensurate with individuals who have a regular income.”

Ms O’Dwyer said the measure is a recognition of the “reality of modern careers” and will help those forced to take time from work for illness or injury, or to undertake a caring role or further study.

‘Catch-up’ contributions come into effect
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
allen - i agree with anon ....
Shaking my head in d... - Who would have thought that this ridiculous capitalist system of ours could make us so sick ?
So entrenched is our money culture that we have to know.......
Anonymous - Hooray! Great to see the ATO finally waking up after all these years. It is widely acknowledged that property investors have been driving a truck.......
Cynic - Performance is twofold. Performance of you investments, but also customer service performance. Sad this was not mentioned in your comments.....