Concessional contributions at age 65

[#1]

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

[#2]

Hi @creimers

Thanks for your question.

My response doesn't consider non-concessinal contributions as you haven't asked about those;

Concessional contributions include: 

• Employer contributions (e.g. sal sac and super guarantee)
• Personal contributions claimed as a tax deduction
• Notional taxed contributions for members of a defined benefit fund
• Unfunded defined benefit contributions (17-18 year onwards), and
• Some amounts allocated from fund reserves

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;

• Under 65 years of age concessional contributions can be accepted by your super fund.
• 65-74 years of age, non-mandated employer concessional contributions can be accepted provided you meet the *work test.

 * refer here for work test info and potential rule changes upcoming....

Hope this helps

[#3 · Accepted solution]

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