An eligible, active super account is one that: is held by a living person. Nil if your Total Super Balance is greater than the transfer balance cap ($1. . To. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. Activity statements. Protocols for super funds for unclaimed superannuation of members aged over 65 years old. 15% rate) contributions. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. gov. You can choose to make payments more frequently, including fortnightly or monthly, for example. If you have a total superannuation balance which is equal or more than the general Transfer Balance Cap on 30 June of the previous. Common Reporting Standard. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. Unused rebate – transferring. 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). 1. From 1 July 2021, the concessional contributions cap is $27,500. 1. gov. To help your members claim or vary a tax deduction for personal super contributions, you should: accept notices – ensure the notice is valid, in the approved form and given to you by the relevant deadline. Annual GST returns. Should I Increase My Super Contributions?You can choose to make personal super contributions to save for your retirement. Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. The devil is in the detail and some retirees may feel short-changed. The ATO may also charge you interest. 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. 28 October. au 2. Downsizing Your Home And Superannuation. 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. This calculator helps you work out: what income you're likely to get from super and the age pension when you retire. 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. You can only make a Non Concessional Contribution of up to $220,000 during the 2022 Financial Year. You can learn more about this on the ATO website. 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. 1 For those age 65-74, the ‘work test exemption’ also applied. From 1 July 2019, the age at which you qualify for the Age Pension rises to 66, with the eligibility rising six months every two years until it reaches age 67 for everyone on 1 July 2023. 2018 if you’re eligible*. 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. If you are aged 75 or more, you can only make downsizer contributions. As at 1 July 2021, your annual non-concessional cap is $110,000. Superannuation Work Test Over Age 65. Some of the eligibility criteria you must satisfy before making. Early access to super. commencing a super income stream in the form of an. This means the first $18,200 you’ll receive won’t be taxed, saving you more money annually because your total taxable income has been reduced. Tax offset for super contributions on behalf of your spouse. When we say SMSFs, we are including former SMSFs unless otherwise indicated. The actual amount of tax will depend on various factors such as your age, the. Non-concessional. In the 28 days after you turned 75 years old, your fund could accept the following types of contributions if you satisfied the work test or work test exemption: voluntary employer contributions such as salary sacrifice contributions. This information applies to: taxed, complying super funds. A: The key here is the age restriction on making contributions to super. For the 2017–18, 2018–19, 2019–20 and 2020–21 financial years, the general concessional contributions cap is $25,000 for all individuals regardless of age. Generally, if your income plus super contributions is: under $250,000 p. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. 79 million, you can contribute up to $220,000 by bringing forward the caps over a two-year. Employer-paid contributions. e. 5 min read. Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020. If you are over 65 and owned your home for at least 10 years, you can contribute up to $300,000 of the sale proceeds as a personal contribution to super. Life cover usually ends at age 70. 0. NGS Super Opportunities and limits for super contributions 1 Make the most of the rules Opportunities and limits for super contributions. Adding to your super with before-tax contributions can help to reduce the tax you pay. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. This effectively reduces your taxable income, meaning you pay less tax on your income. A couple, George and Jane, sell their home for $800,000. Work towards a retirement goal. Refer to the table to find the rate for the applicable financial year. The SG rate on the date the salary is paid applies. Your options from the ATO include: Withdraw the excess contribution and earnings. Super contributions. 2 min read. Non-Concessional Contribution Cap. For 2022-23 the general non-concessional contribution (NCC) cap is $110,000 and individuals who are eligible for the bring forward rule may contribute up to $330,000. As a result, in the 2019/20 tax year, she can contribute $40,000 in before-tax contributions into her account. The non-concessional contribution cap is $110,000 per person, per financial year. The amount of the non-concessional contributions cap you can bring forward is either:. The ATO will not be able to recover your unpaid super contributions or provide Choice of Fund if: You are not eligible for super contributions; Your employer is not required to offer you Choice of Fund; A relationship between you and the employer was not confirmed by the ATOAccumulation phase. reaching age 65, ceasing a gainful employment. These ‘assessable contributions’ include: employer contributions (including contributions made under a salary sacrifice arrangement)Source: The Australian Taxation Office : Untaxed in the fund: Age: Lump Sum: Income Stream: Age 60 and over: Subject to tax up to a maximum of 15% on amount up to the untaxed plan cap amount of $1. 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. From the 2021-22 year the limit is $27,500. 2. If your income and super contributions combined are more than $250,000, you pay Division 293 tax, an extra 15%. They must pay out a member's benefits when they reach 65 years old, and they cannot pay a pension. date of birth. This Transfer Balance Cap was $1,700,000 at 1 July 2021 and is indexed with CPI inflation over time and increases in increments of $100,000. You can also access your super: when you turn 65 years old. 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. Anyone under the age of 65 can make a non-concessional contribution whether they are employed, self-employed, looking for work or retired. Or when you reach age 65, even if you are still working. Your accumulation account with this. Online security; Technical support; System. To meet the work test you. Find out the income you'll get from super. Setting up SuperStream to process superannuation data and payments electronically. 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. • 18 years old or over, or • under 18 years working over 30 hours a week • employed on a full-time, part-time or casual basis (including those who are working in Australia temporarily). rolled over the contributions or if HESTA has started paying a super income stream using any of the contribution. Taxable component of $300,000 = 75%. If you're aged 60 or over, this income is usually tax-free. 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. When and how you can access your super and whether you need to pay tax on withdrawals. 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). For more information on Treasury’s. How much you can contribute. DinahSection: 2. The Government will also set public targets for the ATO on. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. They will be able to advise you if they. 48 M for $ 330 K. 7 million. For more information, see: Non-concessional contributions cap. 2019–20. Income thresholds. gov. Employee age – for employees who are. The work test is defined as working at least 40 hours over a 30 consecutive. the amount of ATO-held super is $200 or more. You may have to pay more tax if you exceeded the non-concessional contributions cap. A contribution to my spouse's PSSap/ADF Super account (eligible spouse contribution) Note: A tax offset of up to $540 is available to a tax-payer who makes contributions into their spouse's account where the spouse's income is less than $40,000 pa, the spouse has not exceeded their non-concessional contribution cap andMay 18, 2022 – 5. Treasury Laws Amendment (2021 Measures No. However if you are turning 75 during a Financial Year you can make a Non Concessional Contribution to your SMSF on or before the day that is 28 days after the end of the month in which you turn 75. ; Each contribution must meet the first two restrictions. As salary-sacrifice contributions come from your pre-tax salary, most people only pay 15% tax on them when they enter the super system. The tax rate for non. Even a little bit extra can make a big difference over time. gov. Tax on Super Withdrawals Over 60. The calculator will also show different payment options to help you decide how to boost your super, like salary sacrifice, after-tax contributions or a combination of both. This is called salary sacrifice and it gives the employee tax and retirement income benefits. How to pay super, the amount to pay and due dates for payment. The default settings are set to a level estimated by ASFA* for what might be needed for a comfortable lifestyle in retirement. There are limits to how much you can contribute each financial year: up to $27,500 in. The investment earnings on your super are also only taxed at 15%. 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. 3 times the annual non-concessional contributions cap over 3 years (that is, $330,000) if your total super balance on 30 June of the previous. You can only withdraw your super money in certain circumstances – for example, when you retire or. If you have exceeded your. Fringe benefits tax returns. have a total super balance below $300,000 and have met the work test in the previous financial year, (known as the work-test exemption – which can only be applied in one financial year); *Age 75 is defined as 28 days after. These rules allow you to make up to three years of non-concessional contributions in a single. Changes to genuine redundancy and early retirement scheme payments. You can contribute up to $27,500 each year. Aged under 75*. 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. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. 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. 20 June 2023. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. The associated earnings amount is calculated by the ATO and applies from the start of financial year in which the contributions were made up to the day the ATO issues the excess NCCs determination. If you are under 67, the Australian Taxation. For ATO-held contributions,. your fund can't accept personal contributions. You don’t pay tax on withdrawals from these funds after you turn 60, except in the situations explained below: 1. Refer to the Super Savings Accumulation Guide for more information. If you are. au/super Catch-up contributions You may make additional concessional. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work. Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. Low income super tax offset. A: The key here is the age restriction on making contributions to super. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. 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. under 18 years and works over 30 hours a week. Find out when you can access your super. sign in to myGov. the age of the member for whom the contribution is made; whether you have a valid tax file number (TFN) for the member; prior to 1 July 2017, a member's fund-capped contribution limit. 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. If eligible, the super guarantee applies to all types of employees including: full-time employees. Over the previous two financial. The eligible age has been further reduced to 55 years from 1 January 2023. For more information, see Restrictions on voluntary contributions. If your income, plus before-tax contributions, are over $250,000 per year, some or all of your contributions. The work test only applies for 67-75 year olds who wish to make a tax deduction relating to. the matching rate was set at 50%. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. In addition, your lifetime super contributions or Total Super Balance (TSB) must not exceed $1. $110,000 a year. 65 million. Retirement means you have ceased gainful employment either: when you were 60 years old or over. Downsizing super contributions. the maximum co-contribution entitlement was set at $500. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. 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. Related article: Non-Concessional Contributions Over 65. 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. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. In addition to the other eligibility conditions, you are eligible for the government super co-contribution if you meet both these conditions:If eligible, you could get up to $500 for your super as a co-contribution from the government. start a transition to retirement income stream while continuing to work. 1. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. 0. National rental affordability scheme. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. 48 million . The superannuation guarantee (SG) is the percentage of your ordinary time earnings (in addition to your wages) paid into your super fund by your employer. Any amount over the tax-free limit is part of the employee's ETP. Date payment due. An increased concessional contributions cap applied until 30 June 2012 for people 50 years or over: if you were 50 years or over, your annual cap for the 2007–08. Contributions made prior to 1 July 2017 must also meet the fund-capped contribution limit. Government super contributions. Super contributions after turning 65. How your super or non-super income stream is taxed. the day the member lodges the tax return for the year in which the contributions were made; the last day of the financial year after the financial year in which the member. 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 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. gov. Changes to genuine redundancy and early retirement scheme payments. But once you have a ‘total super. Marion’s super fund will deduct 15% contributions tax on the $27,500 personal contributions that she claimed as a tax deduction. Around 58% 1 of Australians over the age of 65 receive either a part or full Government Age Pension. ceases an employment arrangement on or after the age of 60. On this page. To claim a tax deduction you must receive an acknowledgment of our receipt of a valid form. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230 for singles and up to $3,204 for couples. The Australian super system helps. ATO-held super; Unclaimed super for 65 years of age or over. 67. It’s a legal requirement. The Government will provide $40. As mentioned earlier, super payments are generally tax free once you turn 60. 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). 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. For a couple, this is up to $600,000 combined. The superannuation non-concessional contribution cap limits the amount you are able to contribute into super in any one financial year. This includes: $27. A Pension simply means that periodically (e. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. Under 75. She decides to ease into retirement by reducing her work to three days a week. More funding and resources for the ATO to tackle unpaid super. 7 million in super on June 30 of the previous financial year. Chris is 69 years. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. If you're a trustee of a self-managed super fund (SMSF), there are some things to consider when starting or stopping a super income stream, or pension. If you have more than $1. The age-based limit of 65 years old has changed to the. Last modified: 30 Aug 2023 QC 65745. If your contributions amounts go over these caps, you may have to pay extra tax. 1300 338 240. service@csc. For more information and to download the form, visit ato. Eligible Australians aged 55 or over are able to make a tax-free non-concessional contribution to their super of up to $300,000 each using the proceeds. 68m last financial. 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. Contributions splitting. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. Reg 9 Reg 10 2015-16 reg EM “Income” for the purposes of the income test is not simply taxable income. This change, combined with the proposals regarding the removal of the work test and ability to use the bring-forward rule later in life, will broaden the ability of SMSFs to contribute proceeds to superannuation. Under subsection 12(1) of the SUMLMA, an amount payable to a member of a fund (including accumulation, defined benefit, and pension members) is taken to be unclaimed money if all the following apply:. The industry just refers to over or under age 75 for simplicity. Specifically, the work test requires you to have worked for at least 40 hours over a 30-consecutive day period in the financial year that you wish to make a contribution to super and prior to. is in accumulation phase. is 65 years of age (even if they haven't. She transfers the rest of her super to an account-based pension. Definition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. contributions are made in excess of the concessional cap for the year. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. This is called the low income super tax offset (LISTO). Work out how much your contributions may benefit your super balance. If you’re aged 75. au You should consider your debt levels before adding to your super. New rules starting 1 January 2023 have lowered the minimum eligibility age to allow people aged 55 and over to access downsizer contributions. Concessional contributions and catch-up provisions The annual concessional contributions (CC) cap of $27,500 is available to clients under 67, or age 67-74 andThe most common conditions of release are that the member: has reached their preservation age and retires. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. From the 2021-22 year the limit is $27,500. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. The age-based limit of 65 years old has. g. under the transition to retirement rules (if you are eligible), while you continue to work. The non-concessional contributions cap for the 2023/24 financial year is $110,000 p. 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. 2 minutes. 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. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. 5% of Adnan's salary. 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. Alisha transfers $155,000 of her super to a transition to retirement pension and withdraws $9,000 each year, tax-free. For people aged between 65 and 74, the contribution rules are different. ASIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions. I turned 65 Sept, 2019 and retired April, 2020, but still do relief work in my field so could satisfy a work test. 68 million from 1 J. The bring-forward rules apply to non-concessional contributions only. The annual cap is currently $100,000. = $4,666. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. If the money is savings for example, she can transfer the entire $330,000 in one transaction. Withholding applies to 50% of the amount over the cap. A Temporary Budget Repair Levy of 2% applies for the 2014–15, 2015–16 and 2016–17 income years to individuals with a taxable income of more than $180,000 per year. Marginal tax rates and tax offset of 10% of element untaxed in the fund. As at 1 July 2022, the age requirement for access to the Downsizer contributions has been lowered from 65 to 60. 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. In the wake of the COVID-19 pandemic, the government has temporarily reduced super pension minimum drawdown rates for 2019–20. 4. That depends on the actual TSB amount - needs to be under $ 1. 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. QC 23234. Above- cap downsizer contributions for over 65 year olds from 1 July 2018, or 60 years from 1 July 2022. limit. au. You can also make certain types of super contributions up until you turn 75, even if you’re retired and drawing a super pension. 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. 18 for each dollar the receiving spouse’s income is over the low-income threshold. And they might also charge interest on that tax. See downsizer super contributions on the ATO website. Where possible, we will notify you if we do this. Payments from super. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. If you're. If your spouse's total combined income (assessable income plus reportable fringe benefits) is less than $40,000, you may claim a tax offset up to $540 for the contributions you make to your spouse's super. Understand super basics. 6 This limit applies to all before-tax contributions, (including SG, salary sacrifice and personal contributions for which a tax deduction has been claimed) paid into your super accounts. online. Alisha has just turned 60 and currently earns $50,000 a year before tax. Maximum offset amount is reduced by $0. She made a personal contribution of $10,000 to her super. Work test = 40 hours within 30 days. For example, if you reached 75 on, say, 15 September, you could still make contributions to super until 28 October. UPDATE 24 June 2021: The SMSF Association has confirmed with Treasury that although the new law allowing people age 65 and 66 to use the bring-forward commences 1 July. When she dies, Anna is receiving an account-based super income stream. If you have exceeded your concessional contributions caps. 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. Your options from the ATO include: Withdraw the excess contribution and earnings. In a series of superannuation measures directed at improving access to home ownership a person. Change your insurance cover. Understanding the difference between concessional and non-concessional contributions and how they work is key to making the most of your super. This cap is indexed annually and is $1,650,000 for 2022–23. A useful tool for getting money into super when you’re 70 and over can be downsizer contributions, which have no work test requirement or upper age limit. From ATO: From 1 July 2021. total super balance at 30 June of the previous financial year is less than $500,000. Common conditions of release. Amount of cap. The tax-free and taxable components of her income stream are worked out as follows: tax-free proportion of 25%; taxable proportion of 75%. Weigh up the. Two other requirements are in respect of the individual’s total. tax file number (TFN) name. NGS uper Split super contributions with your spouse 1. This contribution includes your transfer balance cap (TBC), which is the limit on the. super contributions You may be able to claim a tax deduction for any personal super contributions on your next income tax return. The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. This includes the requirement for providers to report and pay in the approved form by the scheduled statement due dates as follows: for an unclaimed money day being 31 December of any year – 30 April of the following year. Learn more about accessing your super by reaching age 60 and ceasing employment. Your super fund will tax your contribution at the concessional super rate of 15%, instead of your marginal tax. Personal super contributions. select Australian Taxation Office. Source: ato. When contributions should be returned; Contributions a fund must not accept; Restitution for mistake; Reporting contributions received; For your self-managed super fund. 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. This is the maximum amount of CGT-related super contributions you can exclude from your non-concessional contribution limits. 5. 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. Most people can choose which super fund they'd like their super contributions paid into. 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. See downsizer super contributions on the ATO website. You can learn more about this on the ATO website. You cannot claim a tax deduction for standard member contributions made to a Defined Benefit account. Certain employer termination payments (ETPs) received by the fund before 1 July 2004 may also be included in this category of benefits. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. Existing contribution caps and restrictions will not apply to the downsizer contribution. The concessional contributions tax rate on super is 15%. Super is important for you, because the more you save, the more money you will have for your retirement. Read more about superannuation rules for people over age 65 years. you may miss out on a super co-contribution, if eligible. 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. However, if you are over the age of 65 you must meet the ‘work test’ of working at least 40 hours within a 30-day period and within the financial year in which you make the contribution. The law. the most recent 30 June balances reported by your super funds. 4. 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. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. If your total super balance is $1. The SG rate on the date the salary is paid applies. They are called ‘concessional contributions’ because the concessional rate of tax paid on super is 15%. 6 million on 30 June of the year. 25%). it will be harder to keep track of your super. calculated by the Australian Taxation Office (ATO) based on your personal voluntary super contributions, including salary sacrifice contributions, made after 1 July 2017. Government co-contribution. How your super is affected if your marriage or relationship breaks down. go over the concessional contributions cap. 3 million in super who is under the age of 65, you are certainly eligible to make use of the annual $100,000 non-concessional contribution entitlement. I am over 75 years of age.