The rules are set out under the superannuation guarantee (SG) legislation, a law that tells you the minimum amount you need to pay, to which workers, and how often. acknowledge notices. See downsizer super contributions on the ATO website. au. The sum of these amounts ($267,500) is over the Division 293 threshold of $250,000, but only by $17,500. An employee may ask you to deduct extra super from their pre-tax income, and pay it into their super fund. Turn your super or other savings into a guaranteed income when you retire. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need. From 1 July 2018, people aged 65 and older can make a non-concessional (post-tax) superannuation contribution of up to $300,000 from the proceeds of selling their home. Consider the impact of fees and costs. Recent changes to superannuation legislation now makes it easier for people over the age of 65 to make contributions to superannuation. All types of concessional contributions count towards this cap. As mentioned earlier, super payments are generally tax free once you turn 60. If you were over 18 but under age 67 at the time you make a personal super contribution, you don’t have to meet the work test. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. You can also make certain types of super contributions up until you turn 75, even if you’re retired and drawing a super pension. Under the superannuation guarantee, employers have to pay superannuation contributions of 11% of an employee's ordinary time earnings when an employee is: over 18 years, or. This means that the maximum that can be contributed into your super account as a concessional contribution each year is $27,500. Tax Increase On. The Government also announced $40 million in funding for the ATO so it better enforces super compliance, plus it has announced stronger targets for the ATO’s recovery of unpaid super amounts. If you’re under 65, the tax-free threshold is $18,200. The significance of age 67 is that from 30 June 2020, anyone under that age who wishes to make a contribution to super can do so without having to satisfy a gainfully employed work test, a concession that was previously only available to those under 65. haven’t given your TFN to your super fund. To meet the work test you. If your goal is for your spouse to have a super account balance of $1. 2 min read. Find out the income you'll get from super. Ancillary fund returns. Managing employee super. Government co-contribution. Concessional contributions and catch-up provisions The annual concessional contributions (CC) cap of $27,500 is available to clients under 67, or age 67-74 andThe most common conditions of release are that the member: has reached their preservation age and retires. The superannuation work test is required to be satisfied by people aged between 67 and 74 who wish to make personal concessional contributions to super. Concessional super contributions are payments put into your super fund from your pre-tax income and are tax deductable for self-employed people. What’s more, you may be able to save yourself some tax in the process, which is. From 1 July 2019, the age at which you qualify for the Age Pension rises to 66, with the eligibility rising six months every two years until it reaches age 67 for everyone on 1 July 2023. Any superannuation contributions over $27,500 are taxed at your marginal rate at the end of the financial year (less the 15% you’ve already paid). Common conditions of release. 3 million in super who is under the age of 65, you are certainly eligible to make use of the annual $100,000 non-concessional contribution entitlement. Being age 74 or under as at 1 July is only one of the conditions for being able to access the bring forward rule. This means the before-tax contributions made to a super fund – these are taxed at a lower (i. To be eligible to make after-tax contributions, you must have less than $1. 6 This limit applies to all before-tax contributions, (including SG, salary sacrifice and personal contributions for which a tax deduction has been claimed) paid into your super accounts. Regulation 4A of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (SUMLMR) prescribes the eligibility age for both men and women for the purposes of unclaimed money. If your contributions amounts go over these caps, you may have to pay extra tax. The superannuation guarantee (SG) is the percentage of your ordinary time earnings (in addition to your wages) paid into your super fund by your employer. Refer to our Downsizer contributions article for eligibility rules and practical application. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. Outside of super, cover generally continues as long as you pay the premiums. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. The devil is in the detail and some retirees may feel short-changed. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. 4 Based on 2019/20 tax rates. Super lump sum. the matching rate was set at 50%. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. Payments from taxed funds. Definition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. 1300 338 240. Welcome to our Community. If your income and super contributions combined are more than $250,000, you pay Division 293 tax, an extra 15%. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. 48 million . Advertisementto claim a tax deduction for your contribution. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. Existing contribution caps and restrictions will not apply to the downsizer contribution. In fact, salary sacrificing is an excellent way to boost retirement income. As a guide, employers contribute at least 11% of an employee's earnings to super. Contribution tax: 15%. Manage and then Withdraw ATO-held super to have your super paid directly to you if the amount is less than $200 or you are over 65. Johnson Pty Ltd must record the extra contributions made for Adnan as reportable employer super contributions. 7 million. Work test = 40 hours within 30 days. When and how you can access your super and whether you need to pay tax on withdrawals. Before you get too excited, a heads up. She decides to ease into retirement by reducing her work to three days a week. Last modified: 30 Aug 2023 QC 65745. Higher income earners increased super contributions tax. From 1 July 2019, the age at which you qualify for the Age Pension rises to 66, with the eligibility rising six months every two years until it reaches age 67 for everyone on 1 July 2023. Returning contributions. au Additional tax and super considerations There are other circumstances that can affect how much you can contribute and the amount of tax you pay on your super, including spouse contributions offsets and downsizer contribution measures. In addition to the other eligibility conditions, you are eligible for the government super co-contribution if you meet both these conditions:If eligible, you could get up to $500 for your super as a co-contribution from the government. Update your details. This effectively reduces your taxable income, meaning you pay less tax on your income. Super contributions must remain in super until you have met a condition of release. Depending on your age you can also utilise the bring-forward arrangements. You may be able to claim a tax offset of up to $540 per year if you make a super contribution on behalf of your spouse (married or de facto) if their income is below $40,000. Gainfully employed is defined as working at least 40 hours in a period of 30 consecutive days during the financial year in which you wish to make super contributions. 0. When you’d like to retire. gov. The eligible age has been further reduced to 55 years from 1 January 2023. See downsizer super contributions on the ATO website. 65-74: $435,900: $381,700: 75 and over: $370,900:. If you're. If eligible, the super guarantee applies to all types of employees including: full-time employees. Treasury Laws Amendment (2021 Measures No. External Link. In an SMSF, all members of the fund are also trustees of the fund. Superannuation and relationship breakdown. 20 June 2023. The fund also has an unapplied capital loss of $3,000 from earlier years that can be offset against this year’s capital gain. Over the previous two financial. service@csc. These are contributions you have not paid any personal income tax on. g. The calculator will also show different payment options to help you decide how to boost your super, like salary sacrifice, after-tax contributions or a combination of both. Super paid after a person's death is called a 'super death benefit'. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. the age of the member for whom the contribution is made; whether you have a valid tax file number (TFN) for the member; prior to 1 July 2017, a member's fund-capped contribution limit. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work test. Existing contribution caps and restrictions will not apply to the downsizer contribution. Between 1 July 2020 and 30 June 2022,. This is the maximum amount of CGT-related super contributions you can exclude from your non-concessional contribution limits. External Link. I'm about to receive $300K as part of my mother's estate but doubt it will be finalised by June 30 due to Covid 19 issues slowing the process. Specifically, does SGC prevent a high earning employee over 75 years of age from receiving super contributions above the minimum requirement set by the Maximum contribution base eg. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. 3 min read. 1. 65 million. Division 293 Tax: $17,500 * 15% = $2,625. The bring-forward rules apply to non-concessional contributions only. 2 million for consultation and co-design. Your spouse must be either, under the age of 65 or, if aged between 65 and 69, meet the work test requirements. Michael adds to super, saves tax and gets a bonus government co-contribution Michael age 30 $52 a fortnight $106 a fortnight Yearly salary $40,000 $40,000 Salary sacrifice (before tax) contribution $624 $2,418 After-tax super contribution $858 $858 Contributions you can make as a retiree (by age) 1. au You should consider your debt levels before adding to your super. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Super funds are transferred into the retirement phase when a member starts a super income stream (or pension). Ceasing work contributions are permitted on a once-only basis after the super fund member has. NGS Super Opportunities and limits for super contributions 1 Make the most of the rules Opportunities and limits for super contributions. For a couple, this is up to $600,000 combined. To claim a tax deduction you must receive an acknowledgment of our receipt of a valid form. Super is a great way to save money for your retirement. is 65 years of age (even if they haven't. The work test requires a member to be gainfully employed in order to make non-concessional contributions (NCCs). select Super, then Manage, then Transfer super. This is known as the non-concessional contribution cap. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. is in accumulation phase. A super income stream (also known as a super pension or annuity) is a series of periodic payments to a member. ; If your spouse earns less than $40,000. au How much super to pay The minimum amount of super is known as the SuperWhen you are aged between 60 and 64 and are NOT "Retired" you have the option of commencing a Pension Income Stream from your SMSF. Work out if you have to pay super; Setting up super for your business; Paying super contributions; Missed and late super guarantee payments; SuperStream. The exception is downsizer contributions, which you could make if you were 65 years or older. Any concessional contributions paid in excess of the limit will be taxed at your marginal rate plus an amount representing interest. The associated earnings amount is calculated by the ATO and applies from the start of financial year in which the contributions were made up to the day the ATO issues the excess NCCs determination. This includes: $27. This is called salary sacrifice and it gives the employee tax and retirement income benefits. For 2022-23 the general non-concessional contribution (NCC) cap is $110,000 and individuals who are eligible for the bring forward rule may contribute up to $330,000. There are limits to how much you can contribute each financial year: up to $27,500 in. the most recent 30 June balances reported by your super funds. If you make a net capital gain for the year, this will be added onto your overall. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. For example, someone earning $50,000 would be eligible for a co-contribution of $234. other amounts paid by your employer to your super fund, such as administration fees and insurance. The amount can be any amount between $20 and $1000. However, special conditions apply for under 18s and (for now at least) people aged 65 and over. Sam, who is 40, decides to make a Non-Concessional. If you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. Under the ASFA Retirement Standard, a comfortable lifestyle enables a retiree. No allowance has been made for contributions made over these. au For the 2014–15, 2015–16 and 2016–17 financial years, non-concessional contributions are subject to a yearly cap of $180,000 for members 65 or over but under 75 or $540,000 over a 3-year period for members under 65. This means that members can top. First of all, f rom 1 July 2019, recent retirees aged 65 to 66 with total superannuation balances below $300,000 will be eligible to make voluntary contributions for an additional financial year regardless of work test. The 3-year bring-forward rule allows Members in an SMSF to contribute more than the Non-Concessional Contribution (after-tax Contributions) cap of $110,000 during a 3-year financial period from 1 July 2021. ceases an employment arrangement on or after the age of 60. $100,000 per member per annum. the amount of ATO-held super is $200 or more. The age-based limit of 65 years old has. The concessional contributions tax rate on super is 15%. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. Making a downsizer contribution involves selling your home and contributing up to $300,000 into your super ($600,000 for a couple), if you meet all the eligibility rules. 1 For those age 65-74, the ‘work test exemption’ also applied during the. Originally the minimum age was 65, but this has progressively been lowered to age 55. For example, if someone turns 75 in April this year, they can make a voluntary contribution to super up until 29 May 2019. The tax rate depends on your income plus your before-tax super contributions. Completing the rollover or transfer request using ATO online services. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. The 40 hours can be in any arrangement over the 30 consecutive days. 2 min read. the balance of the active super account after we initiate transfer of certain types of ATO-held super is equal to or greater than $6,000. For example the super balance shown for age 65 is the balance at 1 July after your 65th birthday. it will be harder to keep track of your super. Each spouse can contribute up to $300,000. 1 Does not apply to downsizer contributions, which may be made if aged 55 and over regardless of work status. If the money is savings for example, she can transfer the entire $330,000 in one transaction. e. The Government will also set public targets for the ATO on. An award is a legal document that outlines the minimum employment pay rate and conditions in a specific industry. Your super is for retirement, but you may be able to access it earlier on compassionate and other hardship grounds. The actual amount you receive depends on your income and the size of your personal super. or you can also use up to 3 years of cap ($330,000) under bring-forward rules, if your total super balance was less than $1. The annual cap is currently $100,000. An annual tax return is still a requirement for an SMSF, even when fund members move into the retirement income phase. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Adding to your super. Changes to genuine redundancy and early retirement scheme payments. you may miss out on a super co-contribution, if eligible. Chris is 69 years. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. May-09 (Initiate) 21 Feb 2022. This will cease to apply from 1 July 2017. 9 million or more on the previous 30 June ─ you cannot make any personal non-concessional contributions in the current financial year without having to pay extra tax. 5% of Adnan's salary. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. You can learn more about this on the ATO website. I am over 75 years of age. If you earn above that limit for each quarter, your employer does not have to make contributions for the part of your earnings over the limit. A lower tax offset may be available if you contribute less than $3,000 or your spouse earns between $37,000 and $40,000 pa. 70 (ie, $48,040 x 9. You may have to pay more tax if you exceeded the non-concessional contributions cap. They can 1) choose to continue making contributions to their superannuation fund, in most situations, or 2) they can cease to make contributions and simply maintain the fund - and alternatively make contributions to offshore pension or investment accounts. In a series of superannuation measures directed at improving access to home ownership a person. Check which earnings qualify for super and use the super guarantee calculator to work out the amount. Any amount over the tax-free limit is part of the employee's ETP. 50% of $80,000 = $40,000. Higher income earners increased contributions tax – applies to the excess over $250,000 ($300,000 up to 1 July 2017) of the income for Medicare levy surcharge purposes (other than reportable super contributions) Plus the low tax (i. Income tax returns. No maximum age limit applies. For your self-managed super fund (SMSF) to receive concessional tax treatment, you must elect to be a regulated super fund and comply with the provisions and regulations of the: Superannuation Industry (Supervision) Regulations 1994 (SISR). The Total Superannuation Balance is the sum of all your super balances in any funds. You cannot. When money goes into your super account (contributions) When money comes out (withdrawing). The ATO explains that as a general rule, you have to report any capital gains and losses as part of your income tax return each financial year. Should I Increase My Super Contributions?You can choose to make personal super contributions to save for your retirement. - is aged 65 or over or - has reached preservation age (see table below) and has retired from the workforce • your full account balanceExample: Taxed and tax-free proportions on super income stream. QC 23234. your total super balance, which is relevant to how some key superannuation rules apply to you. However, you can often put in much more using the concessional contribution cap, bring-forward rule and carry-forward rule. Check if you're eligible to receive super contribution payments from the government. As at 1 July 2021, your annual non-concessional cap is $110,000. Accumulation phase, as the name suggests, is where your superannuation savings are held during your working life and left to accumulate for your retirement. commencing a super income stream in the form of an. Your options from the ATO include: Withdraw the excess contribution and earnings. under 18 years old, you pay it if they work more than. 2019–20. Change your insurance cover. If you have exceeded your. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. Until 1 July 2017, there was a restriction on employees – known as the 10% rule – which prevented tax deductible super contribution claims unless less than 10% of income was from employment-related activities. If you’re aged 75. 6 million on 30 June of the year. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. The Australian super system helps. Above- cap downsizer contributions for over 65 year olds from 1 July 2018, or 60 years from 1 July 2022. Basically it removes the work test for voluntary contributions for people aged 65 and 66. You can withdraw your super when you: turn 65 (even if you haven’t retired) reach preservation age and. New rules starting 1 January 2023 have lowered the minimum eligibility age to allow people aged 55 and over to access downsizer contributions. 1 July - 30 September. When and how you can access your super and whether you need to pay tax on withdrawals. Your options from the ATO include: Withdraw the excess contribution and earnings. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need. 15% rate) contributions. 5 min read. Understanding the difference between concessional and non-concessional contributions and how they work is key to making the most of your super. Contributing more than the caps to your super may mean having to pay extra tax. The earnings are then taxed at your marginal rate plus Medicare levy less a 15 per cent tax. You may have to pay more tax if you exceeded the non-concessional contributions cap. The devil is in the detail and some retirees may feel short-changed. You can put a lump sum of at least $110,000 into superannuation, which is the general non-concessional contribution cap. As outlined by the Australian Taxation Office (ATO), concessional contributions include:. gov. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. Anyone under age 65 can make a contribution to their super, even if they are retired or not working. Previous ATO figures shared with ABC News show that last financial. Superannuation contributions tax rules within limits provide a legal way to shield income from tax at normal rates, and build up retirement savings in the lower-taxed environment of a super fund. SuperStream for employers; SuperStream for SMSFs ; SuperStream for APRA-regulated funds; Online services. 48 M for $ 330 K. If you're a trustee of a self-managed super fund (SMSF), there are some things to consider when starting or stopping a super income stream, or pension. If you are aged between 67 and 74, the Non Concessional Contributions limit for a given Financial Year is as follows: Income Year. 7 million on 30 June of the financial. Downsizing Your Home And Superannuation. gov. As at 1 July 2022, the age requirement for access to the Downsizer contributions has been lowered from 65 to 60. If you have a total superannuation balance which is equal or more than the general Transfer Balance Cap on 30 June of the previous. total super balance at 30 June of the previous financial year is less than $500,000. To learn more about how this works, the ATO. e. Retirement means you have ceased gainful employment either: when you were 60 years old or over. au/super Catch-up contributions You may make additional concessional. Super is a great way to save money for your retirement. Members aged over 65 years old. Tax offset for super contributions on behalf of your spouse. If your income, including concessional super contributions, is higher than $250,000, you’ll pay an additional 15% – known as Division 293 tax. For self-managed super fund trustees, July 1 will usher in a new era. Topping up your spouse’s super account is a great way to build the nest egg you will both get to share and enjoy during your retirement years. For salary or wage payments, you need to pay the minimum superannuation guarantee (SG) contribution based on the super guarantee rate for the relevant year. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. your total super balance, which is relevant to how some key superannuation rules apply to you. 4 Work test. When contributions should be returned; Contributions a fund must not accept; Restitution for mistake; Reporting contributions received; For your self-managed super fund. How your super or non-super income stream is taxed. Up to a full tax offset of $540 (actual amount is calculated as 18% of the lesser of $3,000 and your total contributions for your spouse) Between $37,000 and the cut-off threshold of. /tax-and-super-professionals/for-superannuation-professionals/apra-regulated-funds/reporting-and-administrative-obligations/unclaimed-superYou can access your super if you’re aged 60 and over and you stop working, even if you subsequently get another job with another employer. Reg 9 Reg 10 2015-16 reg EM “Income” for the purposes of the income test is not simply taxable income. By using this strategy, he’ll increase his super balance. For ATO-held contributions,. A: The key here is the age restriction on making contributions to super. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. Find out more at ato. A contribution to my spouse's PSSap/ADF Super account (eligible spouse contribution) Note: A tax offset of up to $540 is available to a tax-payer who makes contributions into their spouse's account where the spouse's income is less than $40,000 pa, the spouse has not exceeded their non-concessional contribution cap andMay 18, 2022 – 5. Once you hit age 55, you have a new opportunity to make super contributions using the downsizer rules, which have no work test requirement or upper age limit. The industry just refers to over or under age 75 for simplicity. If your spouse's total combined income (assessable income plus reportable fringe benefits) is less than $40,000, you may claim a tax offset up to $540 for the contributions you make to your spouse's super. 4. The downsizer scheme allows eligible homeowners to make a one-off super contribution of $300,000 outside of other contribution rules. Part of your super money is taxable, made up of: employer contributions; salary sacrificed contributions; personal contributions claimed as tax deductions; Part is tax-free, made up of: after tax contributions; government co-contributions; If you're age 60 or over. Once you reach age 75, you cannot make Non Concessional Personal Contributions to your SMSF regardless of whether you satisfy the Work Test. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. Eligible Australians aged 55 or over are able to make a tax-free non-concessional contribution to their super of up to $300,000 each using the proceeds. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. ATO-held super; Unclaimed super for 65 years of age or over. Concessional contributions From 1 July 2022, if you are under age 75, you can contribute to your superannuation out of your income, before tax is paid without needing. 9 million. the matching rate was set at 50%. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. By investing $290,000 in an income stream, Alisha will receive regular income payments on top of the Age Pension. Weigh up the. Example 2: Bob is aged 65 and made personal contributions to his super fund of $110,000 and received no other contributions during the year. 65 million. Say you made CCs of $27,000 in 2017-18 and after receiving an excess concessional contributions determination from the ATO did not elect to withdraw 85 per cent of the excess, i. The low-rate cap amount for the 2023–24 financial year is $235,000. If you’re over 55 and looking to boost your retirement savings, you may be eligible to make a super contribution of up to $300,000 from the sale proceeds of your primary residence. Check the quarterly super payment due dates. Super payment due dates. 3. your fund can't accept personal contributions. For the 2014–15, 2015–16 and 2016–17 financial years, the concessional contributions cap is $30,000 per financial year and is increased to $35,000 for members 49 or over. Consolidate all your super. the maximum co-contribution entitlement was set at $500. threshold for downsizer contributions, provided the other eligibility rules are met. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. Most of the super held in your fund will be in the form of preserved benefits. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. The non-concessional contributions cap for the 2023/24 financial year is $110,000 p. ; Each contribution must meet the first two restrictions. 1. They are called ‘concessional contributions’ because the concessional rate of tax paid on super is 15%. This limit is called the maximum super contribution base. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. The SG rate increased to 11% on 1 July 2023. How super is taxed. ATO Community / Your Tax & Super / Your Super; Accessing Superannuation over 65. 5% x $400,000 (on their full salary if that is their salary). select Super, then Manage, then Transfer super. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). Learn more about accessing your super by reaching age 60 and ceasing employment. First of all, f rom 1 July 2019, recent retirees aged 65 to 66 with total superannuation balances below $300,000 will be eligible to make voluntary contributions for an additional financial year regardless of work test. 7 million in super on June 30 of the previous financial year. The ATO may also charge you interest. Activity statements. ; Each contribution must meet the first two restrictions.