Tax and other useful facts
Contributions to age 75
|Less than 65||A fund can accept contributions made for a person who is under 65 years of age, irrespective of employment or other income earnings status.|
|Age 65 years old or over but under 70 years old||A fund can accept contributions as long the member is gainfully employed at least a part-time basis. Fund may accept downsizer contributions regardless of the member's employment status.|
|Age 65 years old or over but under 67 years old||A fund can accept contributions, including downsizer contributions, from 1 July 2020.|
|Age 70 years old or over but under 75 years old||A fund can accept contributions as long the member is gainfully employed on at least a part-time basis. For a member tuning 75 years old, contributions must be received no later than 28 days after the end of the month that the member turns 75 years old. Funds can accept downsizer contributions regardless of the member's employment status|
|Age 75 years old or over||Funds can accept downsizer contributions (there is no maximum age limit) as long as they have their TFN, but generally they cant accept other non-mandated contributions.
Super co-contributions and employer contributions that relate to a valid contribution period for the member can be accepted at any time.
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: Thursday, August 27, 2020