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Is there an age restrictions on contributions?

Section: 2.5

The ability of a super fund to accept member contributions is linked to the age of the member at the time of making contributions, whether the member meets the work test (if required), tax file number was required, and the member's total superannuation balance.

Whereas personal contributions such as downsizer contribution, co-contributions, spouse contributions are accepted by the fund in the following circumstances:

  • members aged 67 can make personal contributions without restrictions
  • members aged 67 but not under 75 may contribute if they satisfy the work test and contributions received on or before 28 days after the end of the month in which the person turns 75, and
  • a member aged 75 and older can not make personal contributions.

Note: Members age 65 years old or over but under 67 years old, super funds may accept all types of non-mandated contributions, including downsizer contributions, from 1 July 2020.

This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.

Last modified: Tuesday, November 3, 2020