I have a SMSF, am self employed, have just gone into pension phase and I am currently 66yo with a birthday in 1Q 2024.
My understanding is that I can still contribute to the max of $27.5K as a concessional contribution - will this still apply when I am over 67?
My understanding is that I can still contribute to the max of $27.5K as a concessional contribution - will this still apply when I am over 67?
From age 67, you would have to pass the work test in order to do this - or work test exemption.
My understanding is that I can still contribute to the max of $27.5K as a concessional contribution - will this still apply when I am over 67?
From age 67, you would have to pass the work test in order to do this - or work test exemption.
Thx Bruce .. Is my understanding correct that if I am 66yo at any time during the FY I can still make the concessional contribution? Does contribution have to be made before I actually hit 67?
Is my understanding correct that if I am 66yo at any time during the FY I can still make the concessional contribution?
No - unless you pass the work test during the year, needs to be before age 67.
Does contribution have to be made before I actually hit 67?
Yes - see above
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