On Friday 5th April 2013 the Federal Government announced a number of proposed superannuation reforms including increasing concessional contribution caps – a $35,000 p.a. cap for older taxpayers is proposed to apply to:

a. Taxpayers aged 60 and over from 1st July 2013; and
b. Taxpayers aged 50 and over from 1st July 2014.

Further the Government announced its expectation that the general concessional contributions cap of $25,000 p.a. will reach $35,000 at 1st July 2018.

The Government has also advised that the proposed increased cap will not be restricted to taxpayers with superannuation balances of less than $500,000 as previously announced.