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Jen100(Newbie)Newbie
3 Jan 2024

HI, Im looking at setting up an account based super pension, but continuing some part time work. Im 60 yrs old. Will I still be allowed to make personal contributions to a second super account (which is in the accumulation phase), and will the limits on this (and the tax treatment) be the same as they were before I started the account based pension?

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1 replies
6,162 views
1 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
3 Jan 2024

Will I still be allowed to make personal contributions to a second super account (which is in the accumulation phase),


Yes, but you need to pass a condition of release before starting a retirement phase pension.


https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/paying-benefits/conditions-of-release


and will the limits on this (and the tax treatment) be the same as they were before I started the account based pension?


Yes



and will the limits on this (and the tax treatment) be the same as they were before I started the account based pension?


Should be the same, but you should get proper advice based on your circumstances.


All replies

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
3 Jan 2024

Will I still be allowed to make personal contributions to a second super account (which is in the accumulation phase),


Yes, but you need to pass a condition of release before starting a retirement phase pension.


https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/paying-benefits/conditions-of-release


and will the limits on this (and the tax treatment) be the same as they were before I started the account based pension?


Yes



and will the limits on this (and the tax treatment) be the same as they were before I started the account based pension?


Should be the same, but you should get proper advice based on your circumstances.


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