Federal Budget 2019-2020
The 2019-20 Federal Budget has been delivered. The Budget includes a number of announcements related to superannuation, and confirms the actions already taken by Government in previously announced measures.
In this year’s Budget, there are some changes announced that are relevant to our customers. These include:
- Members of ADF Super will be able to choose to remain with the scheme after they have discharged from the Australian Defence Force.
- From 1 July 2020, individuals aged 65 and 66 will be able to make voluntary contributions to their superannuation fund, both concessional and non-concessional, without meeting the ‘work test’. Presently, a person who is over the age of 65 must meet the ‘work test’ in order to make voluntary superannuation contributions – the ‘work test’ requires these people to work a minimum of 40 hours over a 30-day period.
- Those aged 65 and 66 will have access to ‘bring forward’ arrangements. The ‘bring forward’ rule currently allows those under age 65 years to make up to three years’ worth of non-concessional contributions in a single year. A number of other eligibility conditions apply to the ‘bring forward’ rule.
- Continued investment in the care and support of Australian Veterans and their families, to improve access to services, treatment, and care for Veterans with complex circumstances.
Information about the 2018-19 Budget announcement can be found at https://www.csc.gov.au/Members/News/Federal-Budget-2018-19/
Full details on the announcements in this year’s Budget have been published at www.budget.gov.au
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