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.