This means that super account holders with balances over $1.7 million could benefit from delaying their retirement until July 1 to capitalise on the increased cap, which is set to jump to $1.9 million.
But Assistant Treasurer Stephen Jones’ office confirmed on Tuesday that the change was required legislatively, suggesting it will go ahead as planned.This means that superannuation account holders with balances over $1.7 million – or even $1.5 million – could benefit from delaying their retirement until next financial year to capitalise on the increased cap, financial and superannuation advisers said.
Mr Philpot said being able to maximise the cap was “really quite a big advantage” for people with balances close to or above the threshold. “Assuming they have a large balance ... as a generalisation it makes a lot of sense to delay retiring or at least delay transferring their monies to the retirement phase until after July 1.”He said that the indexation was “proper, fair and reasonable”, despite suggestions from some superannuation groups and stakeholders that continuous indexation risked making the retirement income system less equitable.
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