Refer to our Downsizer contributions article for eligibility rules and practical application. Super is important for you, because the more you save, the more money you will have for your retirement. The fund members receiving a tax-free super pension, however, will generally not be required to lodge an annual return if the super pension is their only source of retirement income. If you make contributions from your after-tax income — known as non-concessional contributions — you don't pay any contributions tax. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. Since July 1 last year, he says, if you are under 75, you no long need to meet the work test to make non-concessional (after-tax) contributions of $110,000 a year to your super. Understand super basics. Accumulation phase, as the name suggests, is where your superannuation savings are held during your working life and left to accumulate for your retirement. The 2020-21 annual contribution limit is $25,000. the amount of ATO-held super is $200 or more. 2020–21. During 2018/19 $10,000 in before-tax (concessional) contributions were paid to her super account. The maximum amount you can contribute is not affected by your total super balance. 9 million in 2023-24. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution). Definition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. Personal super contributions. 4. There is a non-concessional contribution cap too, which, for people under 75 is $110,000 a year and up to three years of annual caps ($330,000) under bring-forward rules if you’re. tax free) basis. 50% of $80,000 = $40,000. Check the quarterly super payment due dates. See full list on ato. The SG rate increased to 11% on 1 July 2023. Super funds are transferred into the retirement phase when a member starts a super income stream (or pension). From 1 October 2021, to rollover any super to or from your SMSF, you will need to use SuperStream. Using Aware Super’s Member Online is an easy way to manage your super online. The superannuation non-concessional contribution cap limits the amount you are able to contribute into super in any one financial year. Under the ASFA Retirement Standard, a comfortable lifestyle enables a retiree. total super balance at 30 June of the previous financial year is less than $500,000. For example, if you reached 75 on, say, 15 September, you could still make contributions to super until 28 October. 68m last financial. When we say SMSFs, we are including former SMSFs unless otherwise indicated. To claim a tax deduction you must receive an acknowledgment of our receipt of a valid form. There are special circumstances where you can access your super early. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. au/super Catch-up contributions You may make additional concessional. Pay electronically to complying super funds and retirement savings accounts. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. Basically it removes the work test for voluntary contributions for people aged 65 and 66. Concessional tax rate changes for balances over $3 millionThe Government proposed that from 1 July 2020; those aged between 65 to 66 may be eligible to make or receive super contributions of up to $300,000 without meeting the 40 hours in a 30-day period work test criteria, and. However, if you are aged between 67 and 75 and want to make a personal super contribution for which you plan. the balance of the active super account after we initiate transfer of certain types of ATO-held super is equal to or greater than $6,000. It’s called the “retirement safety net” for a reason. If your total income is equal to or less than the lower threshold and you make personal non-concessional contributions of $1,000 to your super account, you will receive the maximum co-contribution of $500. You can learn more about this on the ATO website. For more information and to download the form, visit ato. Until 1 July 2017, there was a restriction on employees – known as the 10% rule – which prevented tax deductible super contribution claims unless less than 10% of income was from employment-related activities. “Rebate income” as it is referred to, has an expanded definition of income, which includes taxable income, adjusted fringe benefits, reportable super contributions and net investment loss. Outside of super, cover generally continues as long as you pay the premiums. The law has been amended to reduce the eligibility age to make downsizer contributions into superannuation from 65 to 60. 18 years or older, you pay it regardless of how many hours they work. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. threshold for downsizer contributions, provided the other eligibility rules are met. Under these rules, you can only access your super benefits as a 'non-commutable' income stream. Check if you have to pay super for your employees, including contractors and workers under 18. The Total Superannuation Balance is the sum of all your super balances in any funds. Notice of intent (NOI) to claim or vary a deduction for personal super. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work. the sum of your spouse contributions in the income year. Under the law, super funds will cancel insurance on inactive super accounts that haven’t received contributions for at least 16 months. Example 2: Bob is aged 65 and made personal contributions to his super fund of $110,000 and received no other contributions during the year. Work out if you have to pay super; Setting up super for your business; Paying super contributions; Missed and late super guarantee payments; SuperStream. If you risk going over your TBC by taking a super death benefit as an income stream, you may need to consider strategies such as taking the death benefit as a lump sum, taking a mix of pension. Contribution tax: 15%. A Pension simply means that periodically (e. Being able to implement a re-contribution strategy therefore requires the member both meeting a condition of. 2 million for consultation and co-design. If you are 75 years or older, you are unable to make non-concessional contributions to super (however, the actual rules is that you can make contributions up until 28 days after the end of the month in which you turn 75). 00am. According to the Australian Taxation Office (ATO), the bring-forward rule allows those under 65 years old to make up to three years worth of non-concessional (after-tax) contributions to their super in a single income year. select Australian Taxation Office. 9 million in July 2023. If eligible, the super guarantee applies to all types of employees including: full-time employees. For salary or wage payments, you need to pay the minimum superannuation guarantee (SG) contribution based on the super guarantee rate for the relevant year. If you have a total super balance of $1. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. The concessional contributions cap was temporarily increased to $35,000: for the 2013–14 financial year if you were 59 years or over on 30 June 2013. Source: ato. Transition to retirement income streams (TRIS) are available to assist members to gradually move to retirement by accessing a limited amount of super. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. 9 million in 2023–24. If you’re under 65, the tax-free threshold is $18,200. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. For ATO-held contributions,. 1. 68 million or less, you can make non-concessional contributions of up to $330,000 by bringing forward the caps over a three-year period If you have a total super balance of more than $1. Changes to genuine redundancy and early retirement scheme payments. You may have to pay more tax if you exceeded the non-concessional contributions cap. Therefore withholding applies to $40,000 per annum, the SMSF trustee should follow Schedule 13 – Tax table for superannuation income streams to work out the amount to withhold from each payment. 9 million or more on the previous 30 June ─ you cannot make any personal non-concessional contributions in the current financial year without having to pay extra tax. There is no upper age limit. Company structure. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. a spouse living separately and apart from you on a permanent basis; a parent, child, relative or friend if you are 18 years old or older; any other third party other than an employer or your spouse. has reached their preservation age and begins a transition-to-retirement income stream. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. This means as a couple you can have up to $3. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Where possible, we will notify you if we do this. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. the matching rate was set at 50%. $180,000 - $100,000 = $80,000. So for Karen in our example above, her SG contributions are $10,500 which means she can make up to an additional $17,000 in concessional contributions. Employee age – for employees who are. When you reach your preservation age and retire, you can access your super to fund your retirement. Check which earnings qualify for super and use the super guarantee calculator to work out the amount. Personal superannuation contributions can be claimed as a tax deduction. The person must be 65 or older and a contribution of up to $300,000 can be made within 90-days of the property settlement. Since 1 January this year, people over the age of 55 have been able to contribute up to $300,000 from the proceeds of the sale of their homes into their superannuation funds. She decides to take out a $40,000 lump sum to pay for home improvements. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. If you're aged 60 or over, this income is usually tax-free. The concessional contributions tax rate on super is 15%. acknowledge notices. Making a spouse contribution to their super account; Arranging for contribution splitting (also known as super splitting) Spouse superannuation contributions can now be made for spouses earning up to $40,000 per year. This. 5) Act 2021 was enacted to improve the operation of the Trans-Tasman retirement savings portability arrangement between Australia and New Zealand by allowing the ATO to directly transfer unclaimed superannuation money (USM) of New Zealand (NZ) residents via the KiwiSaver Provider. Taking your super as a cash payment. It doesn’t matter if your job is permanent, or casual. your total super balance, which is relevant to how some key superannuation rules apply to you. is in accumulation phase. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. How super is taxed. Individuals over 65 meeting the work test can make voluntary contributions to superannuation any time from the age of 65 until the 28th day of the month following the member’s 75th birthday. It’s a legal requirement. $100,000 per member per annum. How much you can contribute. 1300 338 240. A lower tax offset may be available if you contribute less than $3,000 or your spouse earns between $37,000 and $40,000 pa. Contributing to super Superannuation Guarantee (SG) If you are aged over 60, your employer must still pay SG contributions on your behalf into your super account. Source: ato. a 1. This means you can put in up to three times the annual cap of $110,000, which means you may be able to top up your super by $330,000 within the. If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. your fund can't accept personal contributions. Even a little bit extra can make a big difference over time. Includes employer contributions into your super account such as Super Guarantee (SG), salary sacrifice and before-tax contributions for which you claim a tax deduction. There are 2 main tax advantages of adding money to your super for low income earners: If you earn less than $37,000 a year and make or receive before-tax contributions, the Australian Government refunds the tax on contributions, up to a maximum of $500. sign in to myGov. In a series of superannuation measures directed at improving access to home ownership a person. The Government will provide $40. au. Pay electronically to complying super funds and retirement savings accounts. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. Low income super tax offset. Members should not make personal contributions that the fund cannot accept. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. There is a limit on how much you can contribute to super as a non-concessional contribution. Existing contribution caps and restrictions will not apply to the downsizer contribution. Super for employers . As mentioned earlier, super payments are generally tax free once you turn 60. If you’re over 55 and looking to boost your retirement savings, you may be eligible to make a super contribution of up to $300,000 from the sale proceeds of your primary residence. Super is important for you, because the more you save, the more money you will have for your retirement. the amount of ATO-held super is $200 or more. Super contributions after turning 65. If you are eligible to make non-concessional contributions and you contribute more than the annual general cap ($110,000 in 2023–24), you automatically gain access to your future. The work test requires a member to be gainfully employed in order to make non-concessional contributions (NCCs). The significance of age 67 is that from 30 June 2020, anyone under that age who wishes to make a contribution to super can do so without having to satisfy a gainfully employed work test, a concession that was previously only available to those under 65. Your super is for retirement, but you may be able to access it earlier on compassionate and other hardship grounds. Australians proceeding overseas have two broad options when it comes to superannuation. This means a super fund can accept contributions from a non-resident who satisfies the relevant contribution criteria (eg, under age 65, or over 65 and meets the work test). I am over 75 years of age. Anyone under age 65 can make a contribution to their super, even if they are retired or not working. An employee may ask you to deduct extra super from their pre-tax income, and pay it into their super fund. Refer to the table to find the rate for the applicable financial year. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). In fact, salary sacrificing is an excellent way to boost retirement income. calculated by the Australian Taxation Office (ATO) based on your personal voluntary super contributions, including salary sacrifice contributions, made after 1 July 2017. Gainfully employed is defined as working at least 40 hours in a period of 30 consecutive days during the financial year in which you wish to make super contributions. Learn more about accessing your super by reaching age 60 and ceasing employment. Originally the minimum age was 65, but this has progressively been lowered to age 55. Before you start, here are some things to think about: How much you can spare to contribute to your super. Non-concessional or after-tax contributions are contributions usually made after income tax has already been deducted. The ATO can take a much stricter approach to defining an ordinary meaning dependant under tax law than super funds use when defining a SIS dependant. The tax-free and taxable components of her income stream are worked out as follows: tax-free proportion of 25%; taxable proportion of 75%. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. If you are under 67, the Australian Taxation. 7 million (in 2022–23) in super, by recontributing some of your super benefit into your spouse’s super account you may both be able to hold up to $1. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. If it is your wife wouldn't meet the eligibility criterion of being 65 years old. When money goes into your super account (contributions) When money comes out (withdrawing). The Total Superannuation Balance is the sum of all your super balances in any funds. The age-based limit of 65 years old has changed to the. The super capital gains tax cap is a lifetime limit. Assume you have a Total Superannuation Balance of $1. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. In some situations you may be able to roll. leaving $0 as a non-concessional contribution for the year. 3. This is known as the concessional contributions cap. On this page. subject to the annual concessional contributions cap. is 65 years old (even if they haven't retired)If you reach your preservation age and withdraw super before turning 60, you pay tax on the taxable components of your payments. 7 million on 30 June of the financial year before the one in which you want to make your contribution. At the moment the scheme is aimed at people aged 65 and over but that is due to drop to 60 from 1 July, 2022. - is aged 65 or over or - has reached preservation age (see table below) and has retired from the workforce • your full account balanceExample: Taxed and tax-free proportions on super income stream. other amounts paid by your employer to your super fund, such as administration fees and insurance. Why do I have to be over 65? This measure provides an exception to existing contribution By using ATO online services, you can keep track of your super. Two other requirements are in respect of the individual’s total. If you' are unsure if you’re a member of one of these funds, contact your super fund. 1 Does not apply to downsizer contributions, which may be made if aged 55 and over regardless of work status. is 65 years of age (even if they. The contributions your SMSF can accept are restricted by:. This is $1. And they might also charge interest on that tax. Changes to genuine redundancy and early retirement scheme payments. The fund also has an unapplied capital loss of $3,000 from earlier years that can be offset against this year’s capital gain. Consolidate all your super. Your super fund will tax your contribution at the concessional super rate of 15%, instead of your marginal tax. When she dies, Anna is receiving an account-based super income stream. This amount is based on ATO’s income tax rate table for individuals. You both need to be Australian residents at the time you make the contribution. your total super balance, which is relevant to how some key superannuation rules apply to you. Superannuation and relationship breakdown. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. If you have exceeded your. each month or other period you nominate) cash is transferred from your SMSF Bank Account to your personal Bank Account to fund your living expenses. Adding to your super with before-tax contributions can help to reduce the tax you pay. Above- cap downsizer contributions for over 65 year olds from 1 July 2018, or 60 years from 1 July 2022. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work test. New rules. Contributions you make to your spouse's super are treated as their non-concessional contributions, whether or. 7 million in super on June 30 of the previous financial year. You are correct in that the ‘work test’ has been abolished for most super contributions, which was applicable for individuals between the ages of 65 and 74. Concessional Contribution Limits. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. Potential government co-contribution payment. How your super or non-super income stream is taxed. From 1 July 2018, people aged 65 and older can make a non-concessional (post-tax) superannuation contribution of up to $300,000 from the proceeds of selling their home. The ATO tax your contributions over the cap at your marginal tax rate, minus a 15% tax offset. If you have more than $1. au For the 2014–15, 2015–16 and 2016–17 financial years, non-concessional contributions are subject to a yearly cap of $180,000 for members 65 or over but under 75 or $540,000 over a 3-year period for members under 65. An annual tax return is still a requirement for an SMSF, even when fund members move into the retirement income phase. About the downsizer measure. Calculation of contributions tax, including standard contributions tax and Division 293 tax for high income earners. The contributing member must complete a notice of intent to claim a deduction form on or before whichever of the following days occurs earliest, either:. However, there is a way you can contribute more, by carrying-forward your unused concessional contributions cap. Adjusted taxable. She still has the flexibility to withdraw. If you are a low or middle-income earner and make a personal after-tax. Your spouse must be either, under the age of 65 or, if aged between 65 and 69, meet the work test requirements. You need to contribute before the end of the financial year, which is 30 June 2023. Consider the impact of fees and costs. 2 min read. Generally, you won’t need to pay any more tax on these amounts if you’re below your non-concessional contributions cap. Option one allows you to withdraw the excess contributions and 85 per cent of “associated earnings”. The annual cap is currently $100,000. The super co-contribution scheme is designed to help low and middle-income earners boost their retirement savings by providing an additional payment from the government (up to $500) for personal (after-tax) super contributions you make yourself. The Government will also set public targets for the ATO on. Therefore, the maximum amount of superannuation contributions per quarter in the 2014 income year is $4,443. for personal contributions (ATO notice of intent to claim or vary a deduction for personal super contributions) A tax deduction can be claimed for personal contributions (not salary sacrifice) if you are under age 65, or aged 65 to 74 inclusive2 and meet the work test or the work test applies in the financial year in which you make the. Early access to super. The work test is defined as working at least 40 hours over a 30 consecutive. Concessional Contributions (i. Concessional super contributions are payments put into your super fund from your pre-tax income and are tax deductable for self-employed people. At age 25, he says you would have to be earning $200,000 a year, to have $3 million in super by age 67 (under the assumption your super contributions are 12 per cent per year, earnings were 5 per. a personal super contribution, you must meet the ATO’s work test or work test exemption to be eligible to claim a tax deduction for the contribution. Downsizing Your Home And Superannuation. Another way to add to your super fund is to make a one-off contribution of up to $300,000 from the sale of your home. au. The contributions your SMSF can accept are restricted by:. From 1 July 2022, you can make or receive non-concessional personal and salary sacrifice contributions without meeting the work test (or exemption), but you must still meet the work test (or exemption) to claim a deduction for personal superannuation contributions so they are treated as concessional contributions. 65-74: $435,900: $381,700: 75 and over: $370,900:. Once you hit age 55, you have a new opportunity to make super contributions using the downsizer rules, which have no work test requirement or upper age limit. If you go over your limit for before-tax super contributions, the Australian Taxation Office (ATO) will: Check all your super funds; Check your tax return; Decide whether you need to pay extra tax. However, special conditions apply for under 18s and (for now at least) people aged 65 and over. For those who qualify, it can be an. In an SMSF, all members of the fund are also trustees of the fund. This type of contribution is taxed at a flat rate of 15% in your fund. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. au How much super to pay The minimum amount of super is known as the SuperWhen you are aged between 60 and 64 and are NOT "Retired" you have the option of commencing a Pension Income Stream from your SMSF. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. If you have a total superannuation balance which is equal or more than the general Transfer Balance Cap on 30 June of the previous. 39 million at 30 June 2021 and are aged under 67 on 1 July 2021. can the employer pay the 79 year old employee 9. gov. Save. To be eligible to make after-tax contributions, you must have less than $1. Since July 2017 there has been a cap on the amount that can be transferred into the retirement phase (known as the transfer balance cap). 28 October. No maximum age limit applies. To learn more about how this works, the ATO. Estimated employer SG based on Income. for an unclaimed money day being 30 June of any. retire or. Check 4: Check if you have multiple super accounts and consider. For example, if your taxable income is $280,000 and your employer makes $25,000 in concessional contributions, you will trigger the threshold because your. au You should consider your debt levels before adding to your super. 7 million on 30 June of the financial. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. For the 2014–15, 2015–16 and 2016–17 financial years, the concessional contributions cap is $30,000 per financial year and is increased to $35,000 for members 49 or over. As of 17 April 2020, these calculators will use a single set of assumptions. Under the change, retirees aged between 67 and 75 years of age can top up their super through non-concessional and salary sacrificing contributions, provided their super is less than $1. Yes. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. Some contractors may also be eligible for super. Up to a full tax offset of $540 (actual amount is calculated as 18% of the lesser of $3,000 and your total contributions for your spouse) Between $37,000 and the cut-off threshold of. Find out more at ato. Contributions splitting. Payments from taxed funds. e. You must be age 55 or older and meet the eligibility requirements. This contribution includes your transfer balance cap (TBC), which is the limit on the. However, you can often put in much more using the concessional contribution cap, bring-forward rule and carry-forward rule. This means that the maximum that can be contributed into your super account as a concessional contribution each year is $27,500. 5 min read. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. Payments from super. To. The downsizer scheme allows eligible homeowners to make a one-off super contribution of $300,000 outside of other contribution rules. Division 293 tax. You can contribute to your super if you are over 65, but there are different rules that apply if you are 67 or older. For higher income earners with income over $250,000, the rate is 30%. This information should be included on your payslips. From 1 July 2022, if you are under 75 you will no longer need to meet the work test to make or receive non-concessional super contributions and salary sacrifice contributions. In some situations you may be able to roll. How to pay super, the amount to pay and due dates for payment. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. The lower age limit (55 years) is based on your age when you make the contribution and there is no upper age limit. If your total super balance is $1. Potential government co-contribution payment. Division 293 Tax: $17,500 * 15% = $2,625. These contributions must be made within existing contributions caps (for details seeFrom 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). Early access to super. you are aged less than 65 years. If your goal is for your spouse to have a super account balance of $1. Some ways to boost your super include:. For more information, see Restrictions on voluntary contributions. change jobs or are retrenched. or 30% contributions tax if your income plus contributions is more than $250,000 per year. Downsizing Your Home And Superannuation. The age is 65 years, unless the governing rules of the fund specify that a benefit is only payable if the member reaches an age greater than 65. Regulation 4A of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (SUMLMR) prescribes the eligibility age for both men and women for the purposes of unclaimed money. Specifically, does SGC prevent a high earning employee over 75 years of age from receiving super contributions above the minimum requirement set by the Maximum contribution base eg. You can choose to make payments more frequently, including fortnightly or monthly, for example. This includes: $27. After speaking to a financial adviser, he decides to make a personal super contribution of $10,000 and claim the amount as a tax deduction. If a government organisation is an employer it will need to pay super contributions and send employee super information electronically in a standard format. ATO Tax Deduction Form. Contributions by third parties may be at risk of being against the requirements. We assume that contributions made to super are limited to your applicable concessional and non-concessional contribution caps. under 18 years and works over 30 hours a week. As a guide, employers contribute at least 11% of an employee's earnings to super. Your options from the ATO include: Withdraw the excess contribution and earnings. Work test = 40 hours within 30 days. The Bring-forward rule is a provision that allows Members to make non-concessional contributions (after-tax contributions) amounting to more than the contributions cap of $110,000 over a three-year period from 1 July 2021. From the 2021-22 year the limit is $27,500. Topping up your spouse’s super account is a great way to build the nest egg you will both get to share and enjoy during your retirement years. Since 1 July 2007, the trustee of a superannuation fund can only accept member contributions (ie, any contributions other than employer contributions) if the member. Why do I have to be over 65? This measure provides an exception to existing contributionBy using ATO online services, you can keep track of your super. 65 million. An eligible, active super account is one that: is held by a living person. A: The key here is the age restriction on making contributions to super. If age = 67+ unless the exemption applies. Aged under 75*. New rules starting 1 January 2023 have lowered the minimum eligibility age to allow people aged 55 and over to access downsizer contributions. Being age 74 or under as at 1 July is only one of the conditions for being able to access the bring forward rule. For example, anyone under 65 during the 2021-22 financial year may be able to access the non-concessional bring-forward rule, allowing them to make non-concessional contributions of up to $330,000. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. 2 minutes. 2018 if you’re eligible*. For more information on the changes to transition to retirement income streams from 1 July 2017, see GN 2019/1 – Changes to transition-to-retirement income streams. The information you provide is not stored and you will remain anonymous. 2. limit. Retirement means you have ceased gainful employment either: when you were 60 years old or over. for people over 18, contributions by. Marion’s super fund will deduct 15% contributions tax on the $27,500 personal contributions that she claimed as a tax deduction. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. The exception is downsizer contributions, which you could make if you were 65 years or older.