The passage of the legislation to increase the concessional contribution cap to $35,000 has been applauded by the SMSF Professionals’ Association of Australia (SPAA) in their Media Release on Thursday 30 May 2013.
The House of Representatives has passed the bill that will allow concessional contributions caps for people aged 60 and older to increase to $35,000 from 1 July this year and for anyone 50 and older from 1 July 2014.
SPAA CEO Andrea Slattery says: “We have been advocating higher concessional contribution caps since the 2009 Federal Budget when they were cut. In 2011, we co-ordinated an industry-wide letter and supporting submissions asking the Government for a $35,000 cap for people over 50 years of age – and we will continue to advocate strongly for even higher caps. See SPAA Media Release of 30 May 2013
The SMSF Professionals’ Association of Australia (SPAA) is the authoritative voice for the self-managed superannuation fund (SMSF) sector. SPAA, which represents professionals providing a range of services across various disciplines in the complex area of SMSFs, is an advocate for the highest professional standards and competence to ensure SMSF trustees always receive the best possible advice.
Paul Humphreys of SuperBenefit, is an SPAA member.