QUESTION:

I have been reading conflicting information on contribution limits. I have seen that the limit for over 65 year olds rose to $35,000 after July 1 this year, but you have said that this figure is $25,000. Can you please clarify?

ANSWER

The previous government announced that the concessional contribution will rise to $35,000 in the coming financial year for people aged 59 after June 30, 2013. To the best of my knowledge this not yet legislated but I don’t see any reason why it won’t go through.