I turned 66 in January. I am retired and do not work at all. I would like to contribute $25000 into super as concessional (tax deductible) contribution. I think the law has recently changed allowing me to do so (the age limit was 65 before).
Is that true?
if I contribute before 1 July, can I contribute again on 1 July?
Hi @Abovealltravel,
You are correct about the legislation recently changing. The cut off age to make a non concessional contribution into your fund has risen to 67, this is without needing evidence of gainful employment.
If you wish to claim a deduction against the amount you advised you can. However, if you are not working do you have any other income? The idea behind claiming a super deduction is to reduce your taxable income. It works like a non refundable tax offset and can only reduce your taxable income to zero. The fund will also apply 15% contributions tax once you lodge a notice of intent claim a deduction.
You can use the links below for further assistance.
Link -
Acceptance of member contributions.
Notice of intent to claim a deduction.
All the best.
Hi @Abovealltravel,
You are correct about the legislation recently changing. The cut off age to make a non concessional contribution into your fund has risen to 67, this is without needing evidence of gainful employment.
If you wish to claim a deduction against the amount you advised you can. However, if you are not working do you have any other income? The idea behind claiming a super deduction is to reduce your taxable income. It works like a non refundable tax offset and can only reduce your taxable income to zero. The fund will also apply 15% contributions tax once you lodge a notice of intent claim a deduction.
You can use the links below for further assistance.
Link -
Acceptance of member contributions.
Notice of intent to claim a deduction.
All the best.
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