Our ATO Community is here to help make tax and super easier. Ask questions, share your knowledge and discuss your experiences with us and our Community.
ATO Community
This post is archived and may not be up-to-date.
Hi,
I wanted to ask if i am retired but under age 65 can i make concessional contributions?
Also if i am able to do this am i able to continue to do this up until the end of the financial year that i turn 65?
Thanks
Most helpful response
25 January 2019 11:43 AM - edited 25 January 2019 12:00 PM
Replies 0
HI @creimers (again)
Technically you can as your employment status does not impact your ability to make personal concessiona contribution to super. Once your turn 65 you will be required to satisfy the work test prior to making a super contribution. It is important to note that to make an amount of personal concessional contribution in a FY you must have sufficient assessable income to claim as tax deduction that will not result in a tax loss. This is quite a complex area of taxation and very much vary depending on your personal circumstances. You may wish to seek professional tax advice for clairifcaiton.
Hope this helps!
Az
Hi @creimers
Thanks for your question.
My response doesn't consider non-concessinal contributions as you haven't asked about those;
Concessional contributions include:
These contributions listed above generally count toward the concessional contributions cap (refer table here). Your age impacts whether concessional contributions are accepted by your super fund. If you are;
* refer here for work test info and potential rule changes upcoming....
Hope this helps
Most helpful response
25 January 2019 11:43 AM - edited 25 January 2019 12:00 PM
Replies 0
HI @creimers (again)
Technically you can as your employment status does not impact your ability to make personal concessiona contribution to super. Once your turn 65 you will be required to satisfy the work test prior to making a super contribution. It is important to note that to make an amount of personal concessional contribution in a FY you must have sufficient assessable income to claim as tax deduction that will not result in a tax loss. This is quite a complex area of taxation and very much vary depending on your personal circumstances. You may wish to seek professional tax advice for clairifcaiton.
Hope this helps!
Az