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Super Contribution Capping Rules – Individuals aged 75 years and over

Nov 5, 2012The Money EdgeUncategorized0 Comment

From 1 July 2012, the super concessional contributions cap is $25,000 for everyone (i.e., that cap now relates to individuals of any age).

However, the ATO has advised that:

  • superannuation funds can still only accept ‘mandated employer contributions’ for members aged 75 years and over;
  • where ‘mandated employer contributions’ are made for people aged 75 or over, the concessional contributions cap will apply to them; and
  • other than ‘mandated employer contributions’, people aged 75 years and older cannot contribute to super.”

Note: ‘Mandated employer contributions’ include super guarantee contributions (although these are not currently required for employees aged 70 or over, this age limit will be removed from 1 July 2013), and those required under an award.

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