I am 58 so can't access my super for a couple years. I stopped working in 2011 and have a small super account worth approx $80,000 which I have not put anything into it since I ceased working. I have come into an amount of money and am wondering how much I can put into my account?
Hi @Pumpkin,
There are a couple of things you could do. You have concessional contributions and non-concessional contributions as @Bruce4Tax mentioned.
Concessional contributions. You may be able to make concessional contributions up to $30,000 this year. Given your super balance is $80,000, you may be eligible to also use previous unused concessional contributions for up to the last 5 years. This is the carry forward rule. It would mean any of these amounts would be taxed at 15%.
Non-concessional contributions. You may be able to make non-concessional contributions up to $120,000 this financial year. You also may be eligible for the bring forward rule and use future non-concessional amounts this financial year. If eligible, you would be able to contribute up to $360,000. This amount is taxed at the marginal rate.
You should notify your super fund you are making personal contributions. They may even be able to walk you through any questions you may have.
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