Related article: Non-Concessional Contributions Over 65. The bring-forward rules apply to non-concessional contributions only. for an unclaimed money day being 30 June of any. under the transition to retirement rules (if you are eligible), while you continue to work. Super is a great way to save money for your retirement. Super is important for you, because the more you save, the more money you will have for your retirement. As a result, additional contribution opportunities have been made available for older Australians looking to boost their retirement savings. Update your details. For most people, 15% is lower than the marginal tax rate you pay on income. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. For those who qualify, it can be an. ASIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions. $110,000 per member per annum. They will be able to advise you if they. 25%). 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. 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. It’s a legal requirement. Under these rules, you can only access your super benefits as a 'non-commutable' income stream. 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. the matching rate was set at 50%. 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. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. 7 million on 30 June of the financial. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. 2020–21. 2. John Wasiliev Columnist Jul 30, 2020 – 9. the matching rate was set at 50%. retire or. 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 non-concessional contributions cap ($110,000 in 2023–24) is much higher than the concessional contributions cap ($27,500 in 2023–24), which means you can add more to your retirement nest egg. You are only eligible to bring-forward the next 2 years of contributions if you are under 75 years (67 years for 2021-22, 65 years for 2020–21 and prior years) on 1 July of the first financial year in which your total super balance on 30 June of the previous financial year was less than $1. May-09 (Initiate) 21 Feb 2022. Learn more about accessing your super by reaching age 60 and ceasing employment. Refer to our Downsizer contributions article for eligibility rules and practical application. 5. As at 1 July 2022, the age requirement for access to the Downsizer contributions has been lowered from 65 to 60. Be prepared to provide the following information upon request: your personal details. Two other requirements are in respect of the individual’s total. Find out more at ato. Downsizing super contributions. Contributing to super Superannuation Guarantee (SG) If you are aged over 60, your employer must still pay SG contributions on your behalf into your super account. This is comprised of the unused caps in the 2018/19 tax year and the $25,000 concessional contribution cap for the 2019/20 tax year. Plan your retirement. An annual tax return is still a requirement for an SMSF, even when fund members move into the retirement income phase. Lost super search line. See the ATO website for more information about how much tax you'll pay on super contributions. If you're. it will be harder to keep track of your super. The SG rate increased to 11% on 1 July 2023. Find out all you need to know to make the most of your. is 65 years old (even if they haven't retired)If you reach your preservation age and withdraw super before turning 60, you pay tax on the taxable components of your payments. Maximum super contribution base. Potential government co-contribution payment. National rental affordability scheme. However, there is a way you can contribute more, by carrying-forward your unused concessional contributions cap. How super is taxed. Franking credit refunds. The age restriction for the bring-forward measure extends from under 67 to under 75 after 1 July 2022. 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. This means as a couple you can have up to $3. If your total super balance is $1. Activity statements. Acknowledging notices. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. 5 min read. Downsizing super contributions. 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. There are special circumstances where you can access your super early. gov. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super. The SG rate increased to 11% on 1 July 2023. 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. 1 For those age 65-74, the ‘work test exemption’ also applied. To help your members claim or vary a tax deduction for personal super contributions, you should: accept notices – ensure the notice is valid, in the approved form and given to you by the relevant deadline. . Before you get too excited, a heads up. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. People aged 65-74 may also be eligible depending on whether they meet the ‘work test’, whereby they must have worked at least 40 hours within 30 consecutive days in a financial year,. Related article: Superannuation over 65. If your income, including concessional super contributions, is higher than $250,000, you’ll pay an additional 15% – known as Division 293 tax. Over the previous two financial. After speaking to a financial adviser, he decides to make a personal super contribution of $10,000 and claim the amount as a tax deduction. A Pension simply means that periodically (e. Concessional super contributions are payments put into your super fund from your pre-tax income and are tax deductable for self-employed people. Author: Tax-Q (Newbie) 20 Apr 2023. If you make a net capital gain for the year, this will be added onto your overall. There is no upper age limit. Your employer must pay SG contributions into your super account at least every three months. 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. The $300,000 does not. You can use the portal to: Switch your investment options. SG quarter. Find out when you can access your super. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. Aged under 75*. Even a little bit extra can make a big difference over time. From 1 October 2021, to rollover any super to or from your SMSF, you will need to use SuperStream. The SG rate in Australia is 11% per annum, and is set to rise by 0. These are contributions you have not paid any personal income tax on. Most of the super held in your fund will be in the form of preserved benefits. e. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. What’s more, you may be able to save yourself some tax in the process, which is. Annuities. The Total Superannuation Balance is the sum of all your super balances in any funds. If you are eligible to make non-concessional contributions and you contribute more than the annual general cap ($110,000 in 2023–24), you automatically gain access to your future. Concessional contributions can be made, and therefore a tax deduction claimed, if you are under the age of 75. Has now obtained casual employment and will receive superannuation payments. Non-concessional (after-tax) personal/voluntary contributions. Contributions caps. 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. Any amount over the tax-free limit is part of the employee's ETP. 48 million . That depends on the actual TSB amount - needs to be under $ 1. Tax on Super Withdrawals Over 60. 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. In some situations you may be able to roll. If you're aged 60 or over, this income is usually tax-free. The eligible age has been further reduced to 55 years from 1 January 2023. 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. Personal super contributions. Life cover usually ends at age 70. When you’d like to retire. See downsizer super contributions on the ATO website. Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. au/super Catch-up contributions You may make additional concessional. 6 million, there are a few things that you will potentially want to know about. 1. You can go with your existing fund, your employer's fund, or choose a different fund. Amount of cap. a spouse living separately and apart from you on a permanent basis; a parent, child, relative or friend if you are 18 years old or older; any other third party other than an employer or your spouse. ceases an employment arrangement on or after the age of 60. Anna dies on 1 December 2015 at 66 years old. Check the quarterly super payment due dates. for people over 18, contributions by. From 1 July 2021, the concessional contributions cap is $27,500. sign in to myGov. If age = 67+ unless the exemption applies. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. This effectively reduces your taxable income, meaning you pay less tax on your income. For example, anyone under 65 during the 2021-22 financial year may be able to access the non-concessional bring-forward rule, allowing them to make non-concessional contributions of up to $330,000. Strategy 2: Split your super contributions. Being able to implement a re-contribution strategy therefore requires the member both meeting a condition of. Contributions made prior to 1 July. In a series of superannuation measures directed at improving access to home ownership a person. select Super, then Manage, then Transfer super. calculated by the Australian Taxation Office (ATO) based on your personal voluntary super contributions, including salary sacrifice contributions, made after 1 July 2017. External Link. select Australian Taxation Office. 9 million in 2023–24. Everyone’s path to retirement is different and regardless of where you’re at, there are some things you can do to start planning your retirement. Superannuation Work Test Over Age 65. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. This is less than the lowest income. 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. Government co-contribution. The tax-free and taxable components of her income stream are worked out as follows: tax-free proportion of 25%; taxable proportion of 75%. When you enter the workforce, you must choose a super fund or accept the default MySuper fund offered by your employer. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. If you risk going over your TBC by taking a super death benefit as an income stream, you may need to consider strategies such as taking the death benefit as a lump sum, taking a mix of pension. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. the maximum co-contribution entitlement was set at $500. If you are aged between 67 and 74, you can only make Non Concessional Contributions into your SMSF if you satisfy all of the following eligibility criteria: 1. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work test. Being age 74 or under as at 1 July is only one of the conditions for being able to access the bring forward rule. your employer's contribution, salary sacrifice contributions and contributions by a self-employed person claiming a tax deduction) will count as income. Transition to retirement income streams (TRIS) are available to assist members to gradually move to retirement by accessing a limited amount of super. ato. At age 25, he says you would have to be earning $200,000 a year, to have $3 million in super by age 67 (under the assumption your super contributions are 12 per cent per year, earnings were 5 per. 79 million, you can contribute up to $220,000 by bringing forward the caps over a two-year. Understand super basics. The work test was changed on 1 July 2022. 7 million. For ATO-held contributions,. Eligibility age. You don’t need to buy a new home, and, if you do. The SG rate on the date the salary is paid applies. ceases an employment arrangement on or after the age of 60. To learn more about how this works, the ATO. However if you are turning 75 during a Financial Year you can make a Non Concessional Contribution to your SMSF on or before the day that is 28 days after the end of the month in which you turn 75. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. 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. The default settings are set to a level estimated by ASFA* for what might be needed for a comfortable lifestyle in retirement. 9 million, he is eligible to contribute up to $110,000 in non-concessional contributions during 2023–24 into his accumulation account without exceeding the contribution cap. Higher income earners increased super contributions tax. The SG rate increased to 11% on 1 July 2023. You can only withdraw your super money in certain circumstances – for example, when you retire or turn 65. 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. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. If you are turning 75 during a financial year, you can make a non-concessional contribution on or before the day that is 28 days after the end of the month in which you turn 75. gov. 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. 50% of $80,000 = $40,000. 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. This means that members can top. 5% x $400,000 (on their full salary if that is their salary). An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility Decision Tool. The actual amount you receive depends on your income and the size of your personal super. The ATO will not be able to recover your unpaid super contributions or provide Choice of Fund if: You are not eligible for super contributions; Your employer is not required to offer you Choice of Fund; A relationship between you and the employer was not confirmed by the ATOAccumulation phase. How your super or non-super income stream is taxed. The work test still applies for personal deductible contributions made by people between the ages of. 3 min read. Adjusted taxable. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. This amount is based on ATO’s income tax rate table for individuals. ATO Community / Your Tax & Super / Your Super; Accessing Superannuation over 65. Work out if you have to pay super; Setting up super for your business; Paying super contributions; Missed and late super guarantee payments; SuperStream. Between 1 July 2020 and 30 June 2022, you could accept. is in accumulation phase. 7 million. This information should be included on your payslips. If you are over 65 and owned your home for at least 10 years, you can contribute up to $300,000 of the sale proceeds as a personal contribution to super. Save. Make sure your super fund has your tax file number (TFN). Basically it removes the work test for voluntary contributions for people aged 65 and 66. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. If you've got less than $500,000 in super, you can make catch-up contributions, writes John Wasiliev, who seeks answers to your superannuation questions. How to save for retirement via superannuation, your entitlements and obligations, when you can withdraw your super. 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. A one-year exemption from the work test was announced as part of the 2018-19 Federal Budget that meant that from 1 July 2019, Australians aged 65 to 74 with a total superannuation balance below $300,000 were able to make voluntary contributions for 12 months from the end of the financial year in which they last met 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. 2 Australian Retirement Trust is generally unable to accept personal contributions if you’re aged 75 years or older. employer. You need to contribute before the end of the financial year, which is 30 June 2023. Super may be taxed at 3 points in its life cycle: on contributions on the investment earnings in the fund, which in the accumulation phase are taxed at 15%. But again there are conditions you need to meet before you can make such a contribution. 9 million in July 2023. you have not made a request to transfer ATO-held super to your preferred super fund. The amount withdrawn from superannuation is paid to the individual in accordance with proportioning rules, which is in proportion to existing taxable and tax. When money goes into your super account (contributions) When money comes out (withdrawing). Turn your super or other savings into a guaranteed income when you retire. Retirement phase. Total superannuation balance Eligibility Threshold. 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. a1. For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. Tax offset for super contributions on behalf of your spouse. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. Sam, who is 40, decides to make a Non. 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. This Transfer Balance Cap was $1,700,000 at 1 July 2021 and is indexed with CPI inflation over time and increases in increments of $100,000. has reached their preservation age and begins a transition-to-retirement income stream. The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000. Super for employers . 18 for each dollar the receiving spouse’s income is over the low-income threshold. The 40 hours can be in any arrangement over the 30 consecutive days. Where to pay super. 9 million in 2023-24. Non-concessional. The contributions your SMSF can accept are restricted by:. 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. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. On 1 January 2023, the age when eligible Australians qualify to make downsizer contributions was reduced from 60 to 55. gov. See how adding a bit extra to your super now could make a big difference when you retire. An award is a legal document that outlines the minimum employment pay rate and conditions in a specific industry. total super balance at 30 June of the previous financial year is less than $500,000. Downsizer super contributions. The. The concessional contributions cap was temporarily increased to $35,000: for the 2013–14 financial year if you were 59 years or over on 30 June 2013. The Government will provide $40. Alternatively, up to. This type of contribution is taxed at a flat rate of 15% in your fund. Some ways to boost your super include:. 65-74: $435,900: $381,700: 75 and over: $370,900:. or more you pay 30% tax. If you are 75 years or older, you are unable to make non-concessional contributions to super (however, the actual rules is that you can make contributions up until 28 days after the end of the month in which you turn 75). Concessional Contribution Limits. If your contributions amounts go over these caps, you may have to pay extra tax. The ATO tax your contributions over the cap at your marginal tax rate, minus a 15% tax offset. The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. This calculator helps estimate how much money you could get in retirement, how long your super could last and how adding a few extra dollars to your super now, could make a. Your options from the ATO include: Withdraw the excess contribution and earnings. This cap is indexed annually and is $1,650,000 for 2022–23. The beginning of a financial year is 1 July and the end is 30 June. Common conditions of release. Estimated employer SG based on Income. the sum of your spouse contributions in the income year. You can put a lump sum of at least $110,000 into superannuation, which is the general non-concessional contribution cap. Notice of intent (NOI) to claim or vary a deduction for personal super. You are only eligible to bring-forward the next 2 years of contributions if you are under 75 years (67 years for 2021-22, 65 years for 2020–21 and prior years) on 1. 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. Check 4: Check if you have multiple super accounts and consider. is 65 years of age (even if they. under 18 years and works over 30 hours a week. The key to the super work test is that once you turn 67, you must be able to prove you are gainfully employed. 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). The fund members receiving a tax-free super pension, however, will generally not be required to lodge an annual return if the super pension is their only source of retirement income. A personal superannuation contribution is not income but a deduction if being made from post tax income, and deductions for personal super contributions. Some contractors may also be eligible for super. 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 $858Contributions you can make as a retiree (by age) 1. the amount of ATO-held super is $200 or more. Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations). Completing the rollover or transfer request using ATO online services. You can only make a Non Concessional Contribution of up to $220,000 during the 2022 Financial Year. 1. This calculator allows you to estimate the annual income you might need to support a retirement lifestyle based on the expenses you input. 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. As salary-sacrifice contributions come from your pre-tax salary, most people only pay 15% tax on them when they enter the super system. Since 1 July 2007, the trustee of a superannuation fund can only accept member contributions (ie, any contributions other than employer contributions) if the member. When she dies, Anna is receiving an account-based super income stream. tax free) basis. This calculator helps you work out: what income you're likely to get from super and the age pension when you retire. So for Karen in our example above, her SG contributions are $10,500 which means she can make up to an additional $17,000 in concessional contributions. External Link. As @Bruce4Tax said, this assumes she can take advantage of the non-concessional bring-forward arrangements and her 30 June 2021 balance was less than $1. Generally, to make or receive personal super contributions over age 67 (but under age 75), you will need to meet the superannuation work test. It will help you work out the. Compare your fund's investment performance over at least five years. 68 million but less than $1. leaving $0 as a non-concessional contribution for the year. Making super contributions is one of the simplest ways to improve your final retirement balance and reduce your tax bill. is 65 years of age (even if they haven't. . Therefore withholding applies to $40,000 per annum, the SMSF trustee should follow Schedule 13 – Tax table for superannuation income streams to work out the amount to withhold from each payment. 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. 3 times the annual non-concessional contributions cap over 3 years (that is, $330,000) if your total super balance on 30 June of the previous. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. During 2018/19 $10,000 in before-tax (concessional) contributions were paid to her super account. Changes to genuine redundancy and early retirement scheme payments. Why do I have to be over 65? This measure provides an exception to existing contribution By using ATO online services, you can keep track of your super. If you are a low or middle-income earner and make a personal after-tax. 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. The age-based limit of 65 years old has. 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. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. This is $1. 2 million for consultation and co-design. You are correct in that the ‘work test’ has been abolished for most super contributions, which was applicable for individuals between the ages of 65 and 74. The downsizer scheme allows eligible homeowners to make a one-off super contribution of $300,000 outside of other contribution rules. Savannah will have $81,000 more in her super at age 65. Your total super balance must be less than $500,000 at 30 June before the year in which you wish to make the extra contribution. Where applicable an estimate of the Division 293 additional contribution tax for those on incomes over the relevant threshold has been included. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. is available from the Australian Taxation Office (ATO) at ato. Your super fund will require a declaration. Understand super basics. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. However, if you are aged between 67 and 75 and want to make a personal super contribution for which you plan. A super income stream is when you withdraw your money as small regular payments over a long period of time. The bring-forward rules apply to non-concessional contributions only. There are rules for accepting contributions that all trustees need to know. As you were under 65 as at the 1 July 2018 and your Total Super Balance is under $1. You can view your total super balance through your Australian Taxation Office (ATO). This includes the requirement for providers to report and pay in the approved form by the scheduled statement due dates as follows: for an unclaimed money day being 31 December of any year – 30 April of the following year. super funds that notified us before the start of the income year that they elected to treat all member contributions to the: super fund as non-deductible, or; defined benefit interest within the fund as non-deductible. My super is approx $200K. If a government organisation is an employer it will need to pay super contributions and send employee super information electronically in a standard format. Potential government co-contribution payment. The amount can be any amount between $20 and $1000. The devil is in the detail and some retirees may feel short-changed. This is the maximum amount you are able to contribute to super in one. Super contributions must remain in super until you have met a condition of release. For example, if someone turns 75 in April this year, they can make a voluntary contribution to super up until 29 May 2019. Depending on your age you can also utilise the bring-forward arrangements. limit. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. You can learn more about this on the ATO website. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. May-09 (Initiate) 21 Feb 2022. 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). They must pay out a member's benefits when they reach 65 years old, and they cannot pay a pension. gov. 7 million in super on June 30 of the previous financial year. The maximum amount you can contribute is $300,000 per person, so a couple could contribute up to $600,000. For example, if your taxable income is $280,000 and your employer makes $25,000 in concessional contributions, you will trigger the threshold because your. Downsizer Changes. By investing $290,000 in an income stream, Alisha will receive regular income payments on top of the Age Pension. Retirement income and tax. An increased concessional contributions cap applied until 30 June 2012 for people 50 years or over: if you were 50 years or over, your annual cap for the 2007–08 and 2008–09 financial years was $100,000; if you were 50 years or over, your annual cap for the 2009–10, 2010–11 and 2011–12 financial years was $50,000. Should I Increase My Super Contributions?You can choose to make personal super contributions to save for your retirement. The concessional contribution cap for the 2023/2024 financial year is $27,500. In some situations you may be able to roll. You are able to carry-forward any unused portion of your super concessional contributions cap each year, from the 2019. The concessional contributions tax rate on super is 15%. For more information see Super contributions – too much. Contributions when aged over 65 If you are aged over 65, contributions to superannuation (assuming you satisfy the relevant eligibility and work test / work test exemption if applicable, namely you must have worked for at least 40 hours in a period of not more than 30 consecutive days in the particular financial year), are not preserved. Includes employer contributions into your super account such as Super Guarantee (SG), salary sacrifice and before-tax contributions for which you claim a tax deduction.