Turned 65 this year? Superannuation Contribution Rules, Limits and Traps


Updated limits for making contributions when turning 65. Includes the current concessional and non concessional caps, adds warning about Total Super Balance cap, the work test traps and explains the new “Work Test Exemption” which applies from 01 July 2019.

The SMSF Coach

I have had three calls this week on the subject of  making contributions for people who turned 65 this year and want to make non-concessional (after tax) contributions to their funds. I have had to tell one to reject the contribution already made. one to go do some work and the other to relax. The lessons to learn are; do not listen to friends, don’t rush in and seek professional advice from your accountant, financial planner or if you are really smart a SMSF Specialist Advisor™.

Check with Liam Shorte Get advice – Get it right

GENERAL INFORMATION ONLY: DO NOT RELY ON THIS CONTENT FOR YOUR PERSONAL SITUATION – GET PERSONAL ADVICE.

  • If you are 64 then you can still make a contribution of up to the $300,000 max up to June 30th as long as long as you have not triggered your “bring forward” cap previously or exceeded your Total Super Balance…

View original post 956 more words

Leave a comment

Let us know what you think? Have you got a question based on the article? Let me know

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: