POWERED BY MOMENTUM MEDIA
Frydenberg unveils Budget super tweaks
The Government has included further superannuation policy tweaks in tonight’s Federal Budget with the Treasurer, Josh Frydenberg confirming that from 1 July, next year, people aged 65 and 66 will be able to make voluntary superannuation contributions without meeting the work test.
The Treasurer said that, additionally, the Government would also be increasing the age limit for spouse contributions from 69 to 74 years. Currently, those aged 70 years and over cannot receive contributions made by another person on their behalf.
Frydenberg’s announcement made the point that, currently, people aged 65 and 66 could only make voluntary contributions to superannuation if they met the Work Test, which requires that they work a minimum of 40 hours over a 30-day period.
“This means that Australians aged 65 or 66 years who don’t meet the work test, because they may only work one day a week or volunteer, will now be able to make voluntary contributions to their superannuation,” his announcement said. “This will align the Work Test with the eligibility age for the Age Pension, which is scheduled to reach 67 from 1 July 2023.”
The statement said that, additionally, the Government would increase the age limit for spouse contributions from 69 to 74 years where currently, those aged 70 years and over cannot receive contributions made by another person on their behalf.
“We will also extend access to the bring-forward arrangements, which currently allow those aged less than 65 years to make three years’ worth of non-concessional contributions, which are capped at $100,000 a year, to their super in a single year. This will now be extended to those aged 65 and 66.”
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
