On 28 February the Assistant Treasurer and Minister for Financial Services and Superannuation, Mr Bill Shorten, announced5 the release of a Consultation Paper6 titled Concessional superannuation contributions caps for individuals aged 50 and over. A Treasury website7 explains that the paper relates to ‘the Government's announcement that from 1 July 2012, individuals aged 50 and over with total superannuation balances below $500,000 will be allowed to make up to $50,000 per year in concessional superannuation contributions’.

The Treasury further explains that ‘[t]he purpose of this paper is to present a broad overview of how the concessional contributions caps for individuals aged 50 and over will operate and to seek comments on the proposed design’.

The closing date for submissions is 25 March 2011.