The Government has used its response to the Henry Review of taxation to wind back some of the super contributions cap measures announced in the last Budget.
Confronted by evidence that the 2009/10 Budget changes had impacted personal super contributions, the Government announced changes creating a limited window for those approaching retirement. The window is limited to those with existing super balances of less than $500,000.
The Government said that from 1 July, 2012, workers aged over 50 with balances below $500,000 would be able to make up to $50,000 in annual, concessional superannuation contributions.
It said the measure was expected to benefit up to 275,000 people.
