Govt extends aged-based super transition arrangements
Peter Dutton
The Assistant Treasurer, Peter Dutton, has outlined further tax-related transitional arrangements covering people aged 64 and 74 affected by the Government’s simplifying superannuation legislation.
Dutton announced the transitional arrangements at the same time he reinforced the fact that the Commonwealth would now be taking responsibility for the management of unclaimed superannuation, as a result of the simplified superannuation legislation introduced into the Parliament this week.
Dutton said the Federal Government would take responsibility for the management of unclaimed superannuation, with the result that a single access point would be provided for people searching for lost or unclaimed super.
Describing the legislation as revolutionary, Dutton called on the Opposition Australian Labor Party to support the bills and pass them through the Parliament.
At the same time, he announced additional transitional arrangements for superannuation contributions by people who were aged 64 or 74 during the three-month consultation period on simplified superannuation.
Under those arrangements, a person aged 64 between May 10 and September 5 will be able to make non-concessional superannuation contributions up to June 30, this year, without having to satisfy a work test. A person aged 74 between those dates will be able to make superannuation contributions up to June 30 if they have satisfied the work test for the relevant financial year.
AUTHOR
Mike Taylor
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