AMP Adviser raises contribution cap concerns
In an article published in IFA today, Chris Hornery expresses her concern regarding the new higher contributions caps for superannuation which took effect on July 1. She believes that they do not go far enough for people who spend prolonged time out of the work force.
Chris believes there is a need to introduce a concessional contributions cap for people who spent significant time out of the workforce to help accelerate their super balance. This is a particularly important measure for helping one-third of all Australian women who have no super.
“If a person takes say 10 years out of the workforce, then for 10 years that person usually has no money going into their superannuation account at all,” Ms Hornery said.
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