I’m over 65 years of age can I still contribute to my super fund?

If you are 65 years of age or older, you can still contribute to your super, however, there are conditions that must be met and limits to how much you can contribute.

We’ll walk you through the conditions that must be met and limits below.

Concessional Contributions are before tax contributions.  They include employer contributions, salary-sacrificed contributions and personal contributions if you are self-employed and can claim a tax deduction. For members aged 65 or over but under 75, the member must be gainfully employed on at least a part-time basis for a superannuation fund to be able to accept these contributions.

‘Gainfully employed on at least a part-time basis’ means you are employed for at least 40 hours in a period of 30 consecutive days in each financial year in which the contributions are made. Unpaid work does not meet the definition of ‘gainfully employed’.

The maximum concessional contributions that can be made are $25,000 for a person.

Note

In the 2016-17 Federal Budget the Government lowered the amount of concessional contributions that can be made to a fund to $25,000 for all individuals regardless of age, starting from 1 July 2017. The contribution limit prior to this was $30,000 for anyone under the age of 50 and $35,000 for a person age 50 or older.

Non-concessional contributions are after tax contributions. These contributions are contributions you make after tax has been taken out of them and for which you are not allowed to claim an income tax deduction. The maximum amount of non-concessional contributions that can be made is $100,000 per year or $300,000 over a three-year period which commences in the first year in which the non-concessional contributions exceed $100,000.

From 1 July 2017, the non-concessional contributions cap is nil for individuals with total superannuation balances of $1.6 million or more at the end of the previous income year.

Note

The 2017 Federal Budget contained a downsizing measure that would allow individuals aged 65 or over to make a non-concessional contribution of up to $300,000 from the proceeds of selling their home, from 1 July 2018.