News – Legislation Passed to increase Concessional Contribution Caps for 60 year-olds from 1 July 2013 & 50 year-olds from July 2014

Legislation Passed to increase Concessional Contribution Caps for 60 year-olds from 1 July 2013 and 50 year-olds from July 2014

Legislation Passed to increase Concessional Contribution Caps for 60 year-olds from 1 July 2013 & 50 year-olds from July 2014

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

About SPAA

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.

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About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. 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. 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. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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