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.
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™.
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…
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The SMSF Coach 