Super Guide for your 60s

If you are under the age of 65, you can make superannuation contributions whether you are working or not. If you're planning to make non-concessional (after-tax) contributions, special rules apply if you are aged 63 or 64.

If you're in your 60s, milestone ages to consider include 60 (tax-free super), and turning 65 (work test for making contributions, unlimited access to super benefits, pension payment factors).

When you turn 65, the rules for accessing super are relaxed. The rules for making super contributions however, become stricter. If you’re 65-plus, you must satisfy a work test if you want to make super contributions.

When you turn 70, your employer no longer has to make Superannuation Guarantee contributions on your behalf (although this rule is set to change from July 2013).

When you turn 75, you can no longer make super contributions. When taking a pension, different pension payment factors apply depending on your age.

Note that the Age Pension age is currently 65 but gradually increasing to age 67.

Set out below are all SuperGuide articles explaining Super Guide for your 60s.

Super alert: Have you counted your super contributions lately?

Note: This article outlines the super contribution rules, and also provides a list of helpful articles that explain how the two types of contributions caps work, and the general contribution rules.You can make two types of super contributions: concessional (before-tax) contributions and … [Read more...]

Excess contributions tax: The most ridiculous super policy ever?

Note: This article outlines the disastrous outcomes that can result when a tax policy is not properly considered, and not properly implemented. The excess contributions rules are now a lot fairer than in the past, and a lot fairer than what is discussed in this article. For the latest excess … [Read more...]

Excess contributions: What happens if I receive an ATO assessment?

The type of assessment and documents that the ATO sends you will depend on whether you exceed your concessional (before-tax) contributions cap, or whether you exceed your non-concessional (after-tax) contributions cap.Continue reading to discover what you can expect after receiving an ATO … [Read more...]

Super concessional contributions: 2015/2016 survival guide

This article explains all of the important rules that apply to concessional (before-tax) super contributions.Superannuation contributions can be divided into two types — concessional (before-tax) and non-concessional (after-tax). Each type of super contribution is subject to a contributions cap. … [Read more...]

Super contributions: How much co-contribution will I get?

Q: Where do I go to find a calculator that helps me work out how much co-contribution I will be entitled to, and how much super I need to contribute to get that co-contribution? I am also looking for something that shows the sliding scale for different income levels and different super … [Read more...]

Co-contributions: Can I claim the tax-free bonus for the financial year that I retire?

Q: I’m aged 69 and I will retire in June 2016. Am I entitled to make a deposit into my super fund and receive the Government co-contribution for the 2015/2016 year?A: If an individual satisfies the age test, the work test and the income test relating to the co-contribution, then the individual … [Read more...]

Cashing in on the co-contribution rules (2015/2016 year)

Note: This article explains the co-contribution rules for the 2015/2016 year (and later in the article, also for the 2014/2015, 2013/2014, 2012/2013 and 2011/2012 years).The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super … [Read more...]

Does changing to part-time at 60 years, count as ‘retiring’?

Q: I am 60. I am interested in the condition of release relating to turning 60 and resigning. Is it sufficient to satisfy the ’60 and resign’ condition of release by changing my employment arrangement from full-time to part-time, with the same employer?A: Most super benefits are preserved until … [Read more...]

Retirement: 3 ways of taking super benefits before the age of 60

When you retire early, you’re going to have to make a few decisions. The tax implications of your retiring before the age of 60 can depend on whether you take your super as a lump sum and/or pension.Are you taking your super as a lump sum, a super pension (also known as a super income stream) or … [Read more...]

Retiring before the age of 60: the tax deal

If you retire before the age of 60, your super benefits are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.If you’re willing to wait until you turn 60 before you retire, you can … [Read more...]