Between 1 July 2020 and 30 June 2022, you could accept. The work test still applies for personal deductible contributions made by people between the ages of. 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. gov. a 1. Eligibility age. Retirement income and tax. This effectively reduces your taxable income, meaning you pay less tax on your income. 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. The law has been amended to reduce the eligibility age to make downsizer contributions into superannuation from 65 to 60. 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. Changes to genuine redundancy and early retirement scheme payments. A super income stream is when you withdraw your money as small regular payments over a long period of time. Had my wife been aged 65 or more, or been over her preservation age. QC 23234. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. 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. I am over 75 years of age. 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. People aged 65-74 may also be eligible depending on whether they meet the ‘work test’, whereby they must have worked at least 40 hours within 30 consecutive days in a financial year,. Income thresholds. You can access your super when you turn 65 regardless of whether you’re still working. ; Each contribution must meet the first two restrictions. Option one allows you to withdraw the excess contributions and 85 per cent of “associated earnings”. Find out about. In most cases, you will be able to withdraw your super tax free as either a lump sum, or income stream if you are over 60 – whether your super is in accumulation phase or pension phase. When and how you can access your super and whether you need to pay tax on withdrawals. Lost super search line. You are able to carry-forward any unused portion of your super concessional contributions cap each year, from the 2019. 5 min read. Taxable component of $300,000 = 75%. From the 2022-23 financial year, the work test was abolished for members up to age 74 years. 50% of $80,000 = $40,000. 2 minutes. If you meet the work test or work test exemption, the standard contribution caps of $100,000 per year for non-concessional (after-tax) contributions and $25,000 per year for concessional (pre-tax, such as through salary sacrifice) contributions apply. satisfy an early access requirement. Consider the impact of fees and costs. There is a limit on how much you can contribute to super as a non-concessional contribution. If you make a personal tax-deductible contribution to your super fund, up to the annual limit of $25,000, you can claim a tax deduction provided you complete an ATO form and send it to your super fund. As @Bruce4Tax said, this assumes she can take advantage of the non-concessional bring-forward arrangements and her 30 June 2021 balance was less than $1. In the 2022–23 financial year, Adnan's ordinary time earnings (OTE) are the same as his salary, so the amount recorded is 1. As mentioned earlier, super payments are generally tax free once you turn 60. 68 million but less than $1. Contributions caps. Completing the rollover or transfer request using ATO online services. QC 23212. NGS Super Opportunities and limits for super contributions 1 Make the most of the rules Opportunities and limits for super contributions. Make sure your super fund has your tax file number (TFN). Paying super contributions. You can withdraw your super when you: turn 65 (even if you haven’t retired) reach preservation age and. Concessional contributions From 1 July 2022, if you are under age 75, you can contribute to your superannuation out of your income, before tax is paid without needing. 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). Aged under 75*. Author: Tax-Q (Newbie) 20 Apr 2023. Concessional contributions can come from several sources: from your employer, from pre-tax salary sacrificed contributions you may elect to make through your employer, and from contributions. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. 7 million in retirement phase super accounts. 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. 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. e. Work Test Super Contributions Over Age 67. The eligible age has been further reduced to 55 years from 1 January 2023. 4 million (in 2022–23) invested in tax-free income streams. under the transition to retirement rules (if you are eligible), while you continue to work. The cash out re-contribution strategy involves withdrawing some or all of the superannuation interest and re-contributing the amount as a non-concessional contribution. 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. Super co-contribution. Assume you have a Total Superannuation Balance of $1. The $300,000 does not. Online security; Technical support; System. If you do not receive super contributions or the amounts are incorrect: contact your employer and request an update; report it to us. g. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. How to save for retirement via superannuation, your entitlements and obligations, when you can withdraw your super. The SG rate is slowly increasing over the years and is legislated to reach a final annual rate of 12% from 1 July 2025. the matching rate was set at 50%. sign in to myGov. Everyone’s path to retirement is different and regardless of where you’re at, there are some things you can do to start planning your retirement. e. 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. The Government will also set public targets for the ATO on. The contributions your SMSF can accept are restricted by:. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. 00am. $180,000 - $100,000 = $80,000. Superannuation Work Test Over Age 65. The work test requires a member to be gainfully employed in order to make non-concessional contributions (NCCs). - 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. If you’re aged 75. 48 million (from 1 July 2021, and $1. The key to the super work test is that once you turn 67, you must be able to prove you are gainfully employed. 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. 5% per year till. Where possible, we will notify you if we do this. 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. 28 October. Hi @RodMann. On 1 January 2023, the age when eligible Australians qualify to make downsizer contributions was reduced from 60 to 55. 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. The SGC rate increases from 10% to 10. 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. Life cover usually ends at age 70. An eligible, active super account is one that: is held by a living person. This is $1. On this page. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility Decision Tool. If you don’t have an online account, you can register for online access in a couple of easy steps. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. Change your insurance cover. Weigh up the. There are special circumstances where you can access your super early. 7 million (in 2022–23). For more information, see: Non-concessional contributions cap. under 18 years and works over 30 hours a week. This limit is called the maximum super contribution base. You can use the portal to: Switch your investment options. Super contributions must remain in super until you have met a condition of release. See how adding a bit extra to your super now could make a big difference when you retire. 3 min read. And they might also charge interest on that tax. The age-based limit of 65 years old has changed to the. 0. from the 2014–15 to the 2016–17 financial year if you were 49 years or over. I turned 65 Sept, 2019 and retired April, 2020, but still do relief work in my field so could satisfy a work test. Returning contributions. 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. /tax-and-super-professionals/for-superannuation-professionals/apra-regulated-funds/reporting-and-administrative-obligations/unclaimed-superYou can access your super if you’re aged 60 and over and you stop working, even if you subsequently get another job with another employer. Under 75. If you meet the work test or work test exemption, the standard contribution caps of $100,000 per year for non-concessional (after-tax) contributions and $25,000 per year for concessional (pre-tax, such as through salary sacrifice) contributions apply. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. your total super balance, which is relevant to how some key superannuation rules apply to you. The concessional contribution cap is $27,500 per person, per financial year. Downsizing super contributions. au. The amount can be any amount between $20 and $1000. 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. She still has the flexibility to withdraw. Has now obtained casual employment and will receive superannuation payments. You can learn more about this on the ATO website. The capital gains tax on the sale would be the tax you need to pay on that $500 gain. 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. From ATO: From 1 July 2021. Each spouse can contribute up to $300,000. employer. Non-concessional. You can contribute up to $15,000 per year and $50,000 in total under the Scheme. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need. Annuities. For example, if a person turns 75 in April, then the contribution must be received by their super fund by 28 May. concessional contributions. Last modified: 30 Aug 2023 QC 65745. When you reach your preservation age and retire, you can access your super to fund your retirement. This includes the small business retirement exemption and the 15-year CGT exemption. First of all, f rom 1 July 2019, recent retirees aged 65 to 66 with total superannuation balances below $300,000 will be eligible to make voluntary contributions for an additional financial year regardless of work test. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. The Government will provide $40. Check which earnings qualify for super and use the super guarantee calculator to work out the amount. you have not made a request to transfer ATO-held super to your preferred super fund. gov. How your super is affected if your marriage or relationship breaks down. Discover the most effective way to contribute to your super based on current information. 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. Common conditions of release. For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. Acknowledging notices. $1700 (85 per. The age-based limit of 65 years old has. contributions are made in excess of the concessional cap for the year. An employee may ask you to deduct extra super from their pre-tax income, and pay it into their super fund. e. These funds pay tax on contributions and investment earnings. Taking your super as a cash payment. It is generally taxed at a lower rate than your regular income. 1300 338 240. Super lump sum. Super contributions. 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. If age = 67+ unless the exemption applies. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. super funds that notified us before the start of the income year that they elected to treat all member contributions to the: super fund as non-deductible, or; defined benefit interest within the fund as non-deductible. ceases an employment arrangement on or after the age of 60. She decides to take out a $40,000 lump sum to pay for home improvements. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. This is where most people can get confused. Maximum super contribution base. PAYG withholding. 65 million. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. The devil is in the detail and some retirees may feel short-changed. First of all, f rom 1 July 2019, recent retirees aged 65 to 66 with total superannuation balances below $300,000 will be eligible to make voluntary contributions for an additional financial year regardless of work test. John Wasiliev Columnist Jul 30, 2020 – 9. In a series of superannuation measures directed at improving access to home ownership a person aged 65 or over (60 years from. au/super Catch-up contributions You may make additional concessional. TPD insurance cover in super usually ends at age 65. 65 million. Work test = 40 hours within 30 days. The two categories or types of contributions that can be made into superannuation are. Aged under 75*. Your entire benefit from a taxed super fund (which most funds are) is tax-free. SUPERANNUATION WORK TEST REQUIREMENT AND “RESERVED” CONTRIBUTIONS. Tax offset for super contributions on behalf of your spouse. Using Aware Super’s Member Online is an easy way to manage your super online. The non-concessional contributions cap for the 2023/24 financial year is $110,000 p. 5% x $400,000 (on their full salary if that is their salary). The sum of these amounts ($267,500) is over the Division 293 threshold of $250,000, but only by $17,500. 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. Concessional Contribution Limits. Depending on your total super balance, non-concessional contributions are tax-free up to the non-concessional contributions cap. Sam, who is 40, decides to make a Non-Concessional. $110,000 per year. Find out about the impacts for APRA-regulated funds. Alisha reduces her work hours. 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. Work test = 40 hours within 30 days. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. If you are a low or middle-income earner and make a personal after-tax contribution, you may. 7 million on 30 June of the financial year before the one in which you want to make your contribution. You will need either your gross salary figure or your wage less any overtime earnings for the period you are trying to obtain a super estimate for. Savannah will have $81,000 more in her super at age 65. 33. A re-contribution superannuation strategy involves withdrawing superannuation, paying any tax applicable, and then re-contributing back to the superannuation fund on a non-concessional (i. 1. has reached their preservation age and begins a transition-to-retirement income stream. The rebate amount that you are entitled to is the lesser of: [$3,000 - (total income - $37,000)] x 18%. ; If your spouse earns less than $40,000. If you are a low or middle-income earner and make a personal after-tax. Related article: Non-Concessional Contributions Over 65. External Link. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. 4. A concessional contribution is defined as a contribution to a super fund before tax. The. To. 39 million at 30 June 2021 and are aged under 67 on 1 July 2021. 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. 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. = $4,666. The maximum amount you can contribute is not affected by your total super balance. Consolidate all your super. Common Reporting Standard. 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. NGS uper Split super contributions with your spouse 1. As at 1 July 2022, the age requirement for access to the Downsizer contributions has been lowered from 65 to 60. Eligibility age. 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. From 1 July 2022, the work test will be removed and the age which non-concessional contribution bring-forward provision can be used will be increased. This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. select Australian Taxation Office. The superannuation non-concessional contribution cap limits the amount you are able to contribute into super in any one financial year. 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. Downsizing in retirementLet’s assume Tina wants to maximise her concessional contributions in 2020-21 by making either salary-sacrifice contributions or tax-deductible contributions. An eligible, active super account is one that: is held by a living person. The ATO tax your contributions over the cap at your marginal tax rate, minus a 15% tax offset. Australians proceeding overseas have two broad options when it comes to superannuation. A one-year exemption from the work test was announced as part of the 2018-19 Federal Budget that meant that from 1 July 2019, Australians aged 65 to 74 with a total superannuation balance below $300,000 were able to make voluntary contributions for 12 months from the end of the financial year in which they last met the work test. This calculator helps estimate how much money you could get in retirement, how long your super could last and how adding a few extra dollars to your super now, could make a. 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. You can only make a Non Concessional Contribution of up to $220,000 during the 2022 Financial Year. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. The work test requirement no longer applies if you make non-concessional/salary sacrifice contributions after 1 July 2022. 7 million in super on June 30 of the previous financial year. Related article: Contributing to Super Over 65. Turn your super or other savings into a guaranteed income when you retire. The SG rate on the date the salary is paid applies. 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. Refer to the Super Savings Accumulation Guide for more information. 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. select Super, then Manage, then Transfer super. Early access to super. For more information, see Restrictions on voluntary contributions. New rules. The work test only applies for 67-75 year olds who wish to make a tax deduction relating to. au You should consider your debt levels before adding to your super. Existing contribution caps and restrictions will not apply to the downsizer contribution. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. These are contributions you have not paid any personal income tax on. 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. Chris is 69 years. Total superannuation balance Eligibility Threshold. Each spouse can contribute up to $300,000. you have not made a request to transfer ATO-held super to your preferred super fund. A retirement goal. Work towards a retirement goal. 7 million on 30 June of the financial. 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. They must pay out a member's benefits when they reach 65 years old, and they cannot pay a pension. Read more about superannuation rules for people over age 65 years. 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. Top marginal rates applies to amounts above $1. The tax offset is calculated as 18% of the lesser of: $3,000 minus the amount by which your spouse's income exceeds $37,000. ceases an employment arrangement on or after the age of 60. visa holder status (if applicable)Residents Below 65. . 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:. 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. ceases an employment arrangement on or after the age of 60. The bring-forward rules apply to non-concessional contributions only. If eligible, the super guarantee applies to all types of employees including: full-time employees. QC 23234. is 65 years of age (even if they. 5% in the 2023 FY and to 11% in the 2024 FY. When you enter the workforce, you must choose a super fund or accept the default MySuper fund offered by your employer. Contributions splitting. She made a personal contribution of $10,000 to her super. Your TSB is calculated by adding together all the amounts you have in the accumulation phase of super. Being age 74 or under as at 1 July is only one of the conditions for being able to access the bring forward rule. But again there are conditions you need to meet before you can make such a contribution. In turn, we recommend that you talk to your fund. Previous ATO figures shared with ABC News show that last financial. Employee age – for employees who are. Between 1 July 2020 and 30 June 2022, you could accept. gov. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. 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. If you're aged 60 or over, this income is usually tax-free. 18 years or older, you pay it regardless of how many hours they work. 4. Alternatively, up to. The work test requires the member to have worked at least 40 hours over a 30-consecutive day period in the financial year the contribution is received. If you're over 65, you can make a one-off post-tax contribution of up to. This information applies to: taxed, complying super funds. 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. This is known as the concessional contributions cap. Adding to your super. The information you provide is not stored and you will remain anonymous. the most recent 30 June balances reported by your super funds. Work out how much your contributions may benefit your super balance. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. Welcome to our Community. Learn more about accessing your super by reaching age 60 and ceasing employment. Information for advisers only. 3. 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:. $110,000 per member per annum. Payments from taxed funds. 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. National rental affordability scheme. For more information, see: Non-concessional contributions cap. As outlined by the Australian Taxation Office (ATO), concessional contributions include:. Anyone under the age of 65 can make a non-concessional contribution whether they are employed, self-employed, looking for work or retired. If your income, plus before-tax contributions, are over $250,000 per year, some or all of your contributions. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. 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. macfanboy (Taxicorn) 22 Oct 2019. 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. Superannuation contributions tax rules within limits provide a legal way to shield income from tax at normal rates, and build up retirement savings in the lower-taxed environment of a super fund. au. In the wake of the COVID-19 pandemic, the government has temporarily reduced super pension minimum drawdown rates for 2019–20. Super funds are transferred into the retirement phase when a member starts a super income stream (or pension). The rules are set out under the superannuation guarantee (SG) legislation, a law that tells you the minimum amount you need to pay, to which workers, and how often. This calculator helps you work out: what income you're likely to get from super and the age pension when you retire. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. Government co-contribution. 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. Concessional super contributions are payments put into your super fund from your pre-tax income and are tax deductable for self-employed people. online. Notice of intent (NOI) to claim or vary a deduction for personal super. If you are aged between 67 and 74, the Non Concessional Contributions limit for a given Financial Year is as follows: Income Year. Basically it removes the work test for voluntary contributions for people aged 65 and 66. 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. 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. Learn more about the low-rate cap. 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. If the money is savings for example, she can transfer the entire $330,000 in one transaction. Super paid after a person's death is called a 'super death benefit'. They can 1) choose to continue making contributions to their superannuation fund, in most situations, or 2) they can cease to make contributions and simply maintain the fund - and alternatively make contributions to offshore pension or investment accounts. Advertisementto claim a tax deduction for your contribution. Depending on your age you can also utilise the bring-forward arrangements. Above- cap downsizer contributions for over 65 year olds from 1 July 2018, or 60 years from 1 July 2022. You need to contribute before the end of the financial year, which is 30 June 2023. 2020–21. To be eligible to make after-tax contributions, you must have less than $1. It doesn’t matter if your job is permanent, or casual. 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. $100,000 per member per annum. Thankfully, the ATO has a calculator you can use to find out how much you're entitled to, based on your income. The work test was changed on 1 July 2022. If you own or manage a business and employ people, you may need to pay your employees super. The devil is in the detail and some retirees may feel short-changed. This means as a couple you can have up to $3. A: The key here is the age restriction on making contributions to super. 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 most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. 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. Before you get too excited, a heads up. gov. threshold for downsizer contributions, provided the other eligibility rules are met. About the downsizer measure. Sam, who is 40, decides to make a Non. Division 293 Tax: $17,500 * 15% = $2,625. Understand super basics. You can also make certain types of super contributions up until you turn 75, even if you’re retired and drawing a super pension. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. 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.