concessional superannuation contributions caps
SUMMARY OF CONSULTATION PROCESS

The Government announced on 5 April 2013 that it would introduce a higher superannuation contributions cap for older individuals.  For individuals aged 60 and over, the new higher cap will apply from 1 July 2013. Individuals aged 50 and over will be able to access the higher cap from 1 July 2014.
This measure was included in the Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Bill 2013, which was introduced into Parliament on 15 May 2013. 
Consultation process
Consultation on the draft legislation was conducted between 6 May 2013 and 13 May 2013.  Eleven submissions were received.  
Submissions can be viewed on the Treasury website.  
Summary of key issues 
Policy Issues 
The legislation was broadly supported during consultation with no major concerns being raised.
Several submissions proposed changes to make the higher concessional contributions cap more generous.  These included:
•	indexing the higher cap;
•	making the higher cap available to individuals aged 50 and over from 1 July 2013;
•	introducing a permanently higher cap; and
•	applying the ‘bring forward rule’ to concessional contributions so that those under 65 could bring two years of contributions into a single year.
Changes as a result of consultation
No changes to the legislation were made in response to comments received during consultation as submissions raised policy rather than technical issues. 
Changes not adopted
•	The various proposals contained in the submissions to make the concessional contributions cap more generous would come at a significant cost to revenue.  In the current fiscal climate, this would not be appropriate. 
Feedback
Feedback on the consultation process for this measure can be forwarded to consultation@treasury.gov.au .  Alternatively, you can contact Heather Sturgiss on 6263 3205.
Thank you to all participants in the consultation process.