Over 50’s Concessional Caps

For over 50’s there are new proposals for the concessional contribution caps now is, and will be, for over-50s with over $500k in super?

Briefly, the current and proposed rules are:

  • Until 30 June 2012, the concessional contributions cap for over-50s is $50,000, regardless of size of account balance.
  • From 1 July 2012, the cap for over-50s will be at least $50,000 (subject to indexation) if account balance is less than $500,000 (laws are not yet in place).
  • From 1 July 2012, if account balance is over $500,000 then concessional cap will be $25,000 or whatever the indexed amount is at July 2012 (laws are not yet in place).

For more info see 10 Q&A on Concessional Caps for Over 50’s at Super guide.


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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