As the system currently stands, in 2013/2014 people aged 60 and over will be able to make up to $35,000 of concessional contributions to their superannuation. From 1 July 2014, members aged 50 and over will also be able to contribute $35,000.
While SPAA welcomed the recent increase from $25,000 to $35,000, chief executive Andrea Slattery said the association “strongly believes” the cap needs to be higher.
“This is especially relevant to women and those with broken work patterns as a higher concessional cap will give them the chance to contribute more to superannuation at a time when they can afford it most,” Ms Slattery said.
“There is now an opportunity for the new Coalition government to take on the challenge of increasing the cap and providing an opportunity for more Australians to establish a self-sufficient and dignified retirement for themselves.
“We view the tax concessions for contributions as the essential key to the policy design of the Australian superannuation system that encourages Australians to save a reasonable amount for a sustainable retirement.”
