If someone turns 67 in Dec 2024, can he make personal super contribution $30000 before Dec 2024 and claim it as a tax deduction for 2024/2025 financial year without meeting work test?
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Howdy @KnowMoreTax,
It depends. They don't have to meet the work test if they're under 67.
Yes, currently the current cap for year ending 2025 is 30k. So it'll come down to timing, as the contributions would have to be received by your super fund before July 1 2024 to be eligible for a deduction in the year ending 25.
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Howdy @KnowMoreTax,
It depends. They don't have to meet the work test if they're under 67.
Yes, currently the current cap for year ending 2025 is 30k. So it'll come down to timing, as the contributions would have to be received by your super fund before July 1 2024 to be eligible for a deduction in the year ending 25.
Matt_ATO, Thanks for your reply. If the contribution is received by the super fund before July 1 2024, the deduction should be claimed in 2023/2024 financial year, not the year ending 25, right?
Actually, the core part of my question is that when talking about "under 67" in this context, does it mean before one's 67th birthday or before the beginning of the financial year in which one turns 67?
Hi @KnowMoreTax
Yes, it means before you turn 67 years of age.
Not the financial year you will turn 67.
Yes
@Bruce4Tax, thank for your answer.
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