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Can I still contribute to Superannuation?


There are three "hurdles" that need to be satisfied before a superannuation fund can accept contributions.  These rules are as at 1 July 2007.

Work Test

Age Rules
Under age 65 Anyone in this age bracket is eligible to contribute to superannuation regardless of their work situation.

65 to 74
Contributions can be accepted during the financial year in which they are made; if:

the person is gainfully employed*; or
the contributions are mandated employer contributions**.

70 to 74
Mandated employer contributions# and contributions by the member who has been gainfully employed* during the financial year in which the contributions are made.
Spouse
The receiving spouse is less than 65, or if aged between 65 and 69 they meet the work test below.

*   Gainfully employed means the person has worked at least 40 hours in a period of not more than 30 consecutive days in that financial year.
**   Mandated employer contributions includes the Superannuation Guarantee (up to age 70) or contributions required under an agreement or award.

Concessional Contribution Limits

Non-employer contributions cannot be accepted by a fund if they exceed:

>    $450,000 where the member is aged 64 or less at 1 July in the financial year
>    $150,000 where the member is aged from 65 to less than 75 at 1 July in the financial year

While there are some exceptions, depending on their nature, contributions exceeding these caps must be rejected and returned to the person making the contribution.

TFN Test

Except in the case of employer contributions, superannuation funds can only accept contributions if the member has quoted their Tax File Number (TFN).  If a TFN has not been quoted, contributions may be subject to an additional tax.

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