Superannuation Contributions After Retirement


Can you still contribute to your super after 65?

If you are aged 65 or over, a downsizer contribution of up to $300,000 can be made into your super account using the proceeds from the sale of your home. For couples, both partners can make a downsizer contribution, so you can contribute up to $600,000 per couple into your super accounts. via

At what age can you no longer contribute to super?

Once you reach age 75, you are no longer permitted to make salary-sacrifice, non-concessional or personal tax-deductible super contributions – regardless of whether or not you meet the work test requirements. For more information, read SuperGuide article Work test: Making super contributions after you turn 67. via

How do you make super contributions after you've retired?

To make superannuation contributions after retirement, you need to start a new fund in the accumulation phase with either your old super fund or a new one. via

Can you contribute to super after 60?

Superannuation Guarantee (SG)

If you are aged over 60 and being paid $450 or more (before tax) in a calendar month, your employer must still pay SG contributions (10% in 2021–22) on your behalf into your super account. Note: The SG contribution rate is currently legislated to increase incrementally to 12% in July 2025. via

Can I put $300 000 into super?

From 1 July 2018, individuals 65 years old or older may be eligible to make a downsizer contribution into their superannuation of up to $300,000 from the proceeds of selling their home. via

Can I put inheritance into superannuation?

If you move some of your inheritance into your super account as a non-concessional contribution, you may qualify for a co-contribution payment of up to $500 from the government. For more information about eligibility read SuperGuide article How a government co-contribution can help boost your super savings. via

Can I put lump sum into super?

Personal contributions can be made regularly from your after-tax pay, or as a lump sum at any time through the year. You must have supplied your TFN to your super fund before it will accept personal contributions. via

What happens if I contribute more than $25000 to super?

Once the concessional contributions are in your super fund, they are taxed at a rate of 15%. You may need to pay extra tax if you exceed the concessional contribution cap. However, you may pay tax on them if you exceed your non-concessional contribution cap. via

Can you contribute to super if not working?

Anyone under 65 can contribute to super. It does not matter if you are employed, self-employed, not working or retired. Your spouse and/or employer can also make contributions on your behalf. In this age group, your work status is only important if you are under 18. via

Can I leave my money in super after I retire?

Leaving super in accumulation phase is an option if you are retired or nearing retirement. Once you retire, you are not obligated to withdraw your super or commence an income stream. You can simply retain your super in an accumulation account. via

Can I contribute to a pension after retirement?

You can only contribute to a pension up to age 75. Contribution levels. If you are still working in retirement then you can contribute up to 100% of your salary or £40,000 whichever is lower. This sometimes catches people out if you have large amounts of cash savings you want to get into a pension. via

How much can I put into super in a lump sum 2020?

The Non-Concessional contribution limit is $110,000 per financial year for everyone. Exception: While under age 65, you are able to utilise the Non-Concessional contribution 'bring-forward' rule. via

Is super tax-free after 60?

A super income stream is when you withdraw your money as small regular payments over a long period of time. If you're aged 60 or over, this income is usually tax-free. If you're under 60, you may pay tax on your super income stream. via

Is a super pension taxable?

If you are aged 60 or over and decide to take a super pension, all your pension payments are tax-free unless you are a member of a small number of defined benefit super funds. via

Are there any benefits to turning 60?

If you're on a low income you may be entitled to Pension Credit. This is made up of two parts and no tax is payable on either: Guarantee Credit – this is for people over 60. via

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