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Concessional cap flexibility will help people play catch-up
The ability to rollover unused superannuation concession caps over five years will help people trying to catch-up on their super, the Australian Institute of Superannuation Trustees (AIST) believes.
While AIST and other industry bodies raised concerns on the concessional cap being reduced to $25,000 after Tuesday's budget was released, it said the flexibility provided the opportunity to put up to $125,000 into super (including super guarantee contributions) in the last year of a five year period, or $50,000 over a two year period.
AIST chief executive, Tom Garcia, said it was a sensible policy measure that recognised that the super system needed to become more flexible in line with the way people work.
"Not everybody works consistently for 40 years and workers — particularly women who take career breaks to care for family members — shouldn't be penalised," he said.
Garcia noted that while many workers would not have the available cash to take advantage of the flexible caps, older works with the funds to make a significant contribution to catch up on their super when they returned to work would benefit.
"The government has recognised that the system shouldn't be one size fits all," he said.
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