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Date of article: 1 December 2011
Last updated: 5 December 2011

Freezing of concessional contributions caps

As part of the Government’s mid-year economic and fiscal outlook, a number of superannuation measures were announced.

One of the measures announced is the freezing of the indexation of superannuation concessional contributions cap for one year in 2013-14, when the Government expects the cap to increase to $30,000 from 1 July 2014.

As the non-concessional contributions cap is calculated as being 6 times the concessional contributions cap, it will also delay the indexation of the non-concessional contributions cap.

This measure is expected to yield a savings of $485 million for the Government.

Reference: Minister for Financial Services and Superannuation, Media Release No 160.

 

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