Q: If the SG contribution age limit is being removed completely effective July 2013, does this mean that additional concessional or non-concessional contributions can also be made by those aged over 75?
A: The short answer is ‘no’. Although the Federal Government intends to remove the age limit for receiving Superannuation Guarantee contributions (effective from July 2013), the existing rules for voluntary superannuation contribution rules remain in place.
The existing rules relating to upper age restrictions for super contributions are:
- Voluntary concessional (before-tax) contributions can be made until the fund member turns 75.
- Non-concessional (after-tax) contributions can be made until the fund member turns 75.
Note: Anyone aged 65 years or over must satisfy a work test to be eligible to make a super contribution. Any super contribution made by an individual aged 74 must be received by the super fund within 28 days of the end of the month in which an individual turns 75. For example, if Gerard turns 75 in May, then his super contribution must be registered by his super fund by 28 June. Note that 28-day limit relates to when it is recorded as received by the fund, not when paid by the fund member.
I explain the over-65s work test, and the proposed removal of the age limit for SG contributions, in the following articles:
