Corrs In Brief: Superannuation reforms continue - Federal Budget 2009-2010

13 May 2009

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The pace of reform for superannuation looks set to continue with a number of significant changes to superannuation announced in the 2009-2010 Federal Budget.

In summary, the changes include:

• bringing to an early end the transitional period for people aged 50 or over to contribute up to $100,000 per annum as concessional contributions and reducing that cap to $50,000 per annum until 30 June 2012;
• a reduction in the concessional contributions cap for people aged under 50 from $50,000 to $25,000 per annum;
• an extension of the draw-down relief for account-based pensions in the 2009-2010 income year;
• a temporary reduction in the matching rate for the Government’s co-contribution scheme, beginning with a rate of 100% (ie $1.00 for each dollar of eligible personal contribution) until 30 June 2012;
• an amendment to the unclaimed money regime with a requirement to pay small and lost accounts as unclaimed money; and
• an extension of the CGT rollover relief for superannuation fund mergers.

For a full copy of this document, please download the attached PDF using the link on the right.

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