Crystal Wealth Newsroom
New opportunities to contribute to super
Good news for anyone aiming to add more into their super while still thoroughly enjoying retirement: from 1 July 2022, two important changes to super rules allow people aged between 67 and 75 to top up or restructure their super.
For those under 75, removing the work test means you can now contribute to super without meeting a work test when you make non-concessional or salary sacrifice contributions.
You can now make an after-tax (non-concessional) contribution of up to $110,000 per year – or $330,000 over a three-year period – before age 75.
Before this change, you had to be under age 67 to utilise the bring-forward rule.
However, you will still need to meet the work test or work test exemption if you want to claim a deduction for your personal contributions between age 67 and 74.
The basic cap on concessional contributions is $27,500 per financial year. To meet the work test, you must be gainfully employed for at least 40 hours over 30 consecutive days in the financial year.
If you do not meet the work test, you may be eligible to claim a tax deduction if you meet the work test exemption.
This exemption applies if you met the work test in 2021–22 and had a total super balance of less than $300,000 at 30 June 2022.
If you do not meet the work test, you may be eligible to claim a tax deduction if you meet the work test exemption. This exemption applies if you met the work test in 2021–22 and had a total super balance of less than $300,000 at 30 June 2022.1
You generally can’t contribute to super once you turn age 75. The only exceptions are compulsory contributions made by your employer or a special type of contribution called a ‘downsizer contribution’ when you sell your home.
For further information or for help understanding how to maximise the opportunities to contribute to super, please contact your CWP Adviser.