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mazdav(Newbie)Newbie
9 Oct 2021

Hello, I retired from nursing in Jan 2021, just before I turned 66y in Feb'21. In Sept'21 I sold a small property and have made a capital gain of $60,000 - this will be my only income for this current FY, apart from my modest retirement income stream. I'd like to use some of the property sale money to boost my super a bit - but I also want to minimise my CGT liability due next July, which i've been told will be about $10,000. To achieve these two aims I'm thinking of making a voluntary tax deductible contribution to my super of $27,500 just before, or just after, I turn 67 in Feb'22. My question: if I do this, will my super company require proof that I have passed the work test? I don't really want to have to return to work. Someone told me that I wouldn't have to pass a work test as long as I make the voluntary contribution before 30 June 2022 - but I haven't been able to find any confirmation of that on the ATO website. Thanks for any advice on this question that members might be able to provide.

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JodieR_ATO(Community Support)Community Support
22 Oct 2021

Hi @mazdav, Hope you're enjoying your retirement so far. :) In relation to your super fund accepting contributions when you're 67yrs+, you do need to meet the work test. Outside of this, only mandated concessional contributions can be accepted. However, your fund can accept all types of contributions before you turn 67yrs. Except downsizer, you have to be 65yrs+ to make this type of contribution. For further guidance you can look at, acceptance of member contributions and work test - https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-contributions---too-much-can-mean-extra-tax/?anchor=Acceptanceofcontributionsandworktest#Acceptanceofcontributionsandworktest

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Most helpful reply

JodieR_ATO(Community Support)Community Support
22 Oct 2021

Hi @mazdav, Hope you're enjoying your retirement so far. :) In relation to your super fund accepting contributions when you're 67yrs+, you do need to meet the work test. Outside of this, only mandated concessional contributions can be accepted. However, your fund can accept all types of contributions before you turn 67yrs. Except downsizer, you have to be 65yrs+ to make this type of contribution. For further guidance you can look at, acceptance of member contributions and work test - https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-contributions---too-much-can-mean-extra-tax/?anchor=Acceptanceofcontributionsandworktest#Acceptanceofcontributionsandworktest

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I'm retired; can I make a voluntary tax deductible super contrib the year I turn 67? | ATO Community