Can you use bring-forward rule at age 65?
If you are 65 years old or older on 1 July, you cannot access the bring-forward arrangement in that financial year. You need to meet conditions for certain types of contributions to be accepted by your super fund, including satisfying the work test or work test exemption.
When can you use the bring-forward rule?
The bring-forward rule is automatically triggered as soon as you make a non-concessional contribution that exceeds the annual cap. For example, if you contributed $150,000 as a non-concessional contribution in the 2020–2021 financial year, this would be $50,000 over the annual cap.
Is there an age limit for non-concessional contributions?
From 1 July 2021 Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year. If eligible, when you make contributions greater than the annual cap, you automatically gain access to future year caps.
How many times can you use the bring-forward rule?
If you meet all the eligibility criteria, the bring-forward rules allow you to make non-concessional contributions of up to three times the annual general contributions cap in a single year (3 x $110,000 = $330,000 in 2021–22).
How much super Can I salary sacrifice per year?
$27,500 per
Generally, making extra concessional contributions is tax effective if you earn more than $37,000 per year. There’s a limit to how much extra you can contribute. The combined total of your employer and salary sacrificed contributions must not be more than $27,500 per financial year.
Can I put money into super after age 65?
Generally once you are 65 or more and retired, you cannot put any more money into super. To make a personal contribution between 65 and 74, you cannot be retired and must meet a “work test”. It also applies to voluntary employer contributions made on your behalf, for example salary-sacrifice contributions.
Can a 72 year old contribute to super?
Once you reach age 75, you are generally no longer eligible to make personal tax-deductible contributions into your super account. You can only claim a tax deduction for personal contributions you make into your super account before the 28th day of the month following the month you turned 75.
