Andrea Slattery – CEO – SPAA
The passage of the legislation to increase the concessional contribution cap to $35,000 has been applauded by the SMSF Professionals’ Association of Australia (SPAA).
The House of Representatives has passed the bill that will allow concessional contributions caps for people aged 60 and older to increase to $35,000 from 1 July this year and for anyone 50 and older from 1 July 2014.
SPAA CEO Andrea Slattery says: “We have been advocating higher concessional contribution caps since the 2009 Federal Budget when they were cut. In 2011, we co-ordinated an industry-wide letter and supporting submissions asking the Government for a $35,000 cap for people over 50 years of age – and we will continue to advocate strongly for even higher caps.
“SPAA has always understood that the higher caps were a key issue for Australians wanting to plan their retirement.
“This higher cap will now help Australians nearing retirement to contribute more to the superannuation. This is especially important for women and those who have had broken work patterns.
“It is a step in the right direction, allowing Australians to save for an adequate retirement income to give them security and dignity in retirement and reduce their reliance on the age pension,” she says.
