Explanatory Memorandum
(Circulated by authority of the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon. Jane Hume)Chapter 2 - Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Schedule 1 - Bring forward non-concessional contributions cap
2.1 The Bill is compatible with human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
2.2 The Bill amends the ITAA 1997 to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions, under the bring forward rule. This means that individuals aged 65 and 66 can make up to three times the yearly cap of $100,000 in non-concessional superannuation contributions
2.3 These amendments extend the existing bring forward rule to allow individuals aged 65 and 66 to make up to $300,000 of non-concessional superannuation contributions in a single year.
Human rights implications
2.4 The Bill does not engage any of the applicable rights or freedoms.
Conclusion
2.5 The Bill is compatible with human rights as it does not raise any human rights issues.