Henry Tax Review - Changes to Super Contributions Cap for Over 50's

You can see more posts here ==> Henry Tax Review Posts

The Henry review of Australia's taxation system was released today (2 May 2010), with changes planed to increase National savings by increasing the concessional (deductible) contributions cap.

The superannuation contribution concessional cap increase is for those nearing retirement. From 1 July 2012, workers aged 50 and over with superannuation balances below $500,000 will be able to make up to $50,000 in annual, concessional superannuation contributions. This measure is expected to benefit 275,000 people.

The current contributions cap is $25,000, reduced in the May 2009 budget from $50,000.

For more details see this FREE fact  sheet ==> Superannuation - Concessional Contributions Cap.

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