The bill – which enables those aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring-forward rule – passed with amendments that include higher concessional contributions for individuals aged 65 and over and being able to recontribute COVID-19 early release super amounts.
“This amendment will allow those Australians who have withdrawn their money the opportunity to put that money back into their account by 2030,” senator Pauline Hanson said.
“This a way of savings for people to put the money back into their account with no penalties.”
Shortly after, the Self Managed Superannuation Funds Bill – which increases the number of allowable members in self-managed and small APRA funds from four to six – was also passed without amendment.
Meanwhile, government’s contentious Your Future, Your Super bill is gaining steam to also be passed in the Senate after gaining the support of One Nation and Centre Alliance.
It is expected that the laws will come into effect on 1 July.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
