Key Facts

The current $50,000 superannuation concessional contributions cap for individuals aged 50 or over is a transitional cap scheduled to expire from 1st July 2012.

The Government is proposing that from 1st July 2012, the $50,000 cap be maintained permanently for individuals aged 50 or over with total superannuation balances of less than $50,000.

Should the proposal be legislated, individuals aged 50 or over with total superannuation balances of less than $500,000 will continue to be able to make up to $50,000 a year in superannuation concessional contributions.

Eligible individuals under the age of 75 will still be able to make non-concessional contributions to superannuation up to $150,000 per year. Those who are under 65 can also bring forward two years' worth of non-concessional contributions, allowing them to contribute up to $450,000 of non-concessional contributions in any three-year period.