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.

Superannuation Guarantee increased to 9.5% for 2014/2015 year, then stalls for 7 years

Storm_2535020_c

From 1 July 2014, the Superannuation Guarantee rate increased to 9.5% (from the 9.25% that applies for the 2013/2014 year). Based on new laws, the SG rate will remain at 9.5% for 7 years, increasing to 10% from July 2021, and eventually to 12% from July 2025 (see table below). Superannuation … [Read more...]

Superannuation tax refund: 10 things you should know

10thingsyoushouldknow.009

NOTE: The Low Income Super Contribution for low-income earners is available until the 2016/2017 financial year (until 30 June 2017). Originally, the Coalition government planned to repeal the LISC after one year of operation, that is, it was expected to only apply for the 2012/103 year. Due to … [Read more...]

Divorce and superannuation: Who gets what?

Pixmac000084567636_divorce

Q: I am at the end of a divorce/property settlement. My ex has agreed to give me my share of his super. Does this have to go into a superannuation fund or can he transfer it to me in some other way? And can you please explain how super should be treated when a divorce happens, because it has been … [Read more...]

SMSF investment: Franked dividends lose some shine from 1 July 2015

tax-down_9262014_c

The Liberal government has committed to reducing company tax to 28.5%, effective from 1 July 2015 (subject to legislation). If the company tax rate drops to 28.5%, so does the level of franking credits linked to Australian company dividends. The policy to cut company tax was originally linked to … [Read more...]

Age Pension age increasing to 70 years (updated table)

Pixmac000084378680_takenote

Note: This article (including table) explains the Age Pension eligibility age, which jumps by 5 years for younger Australians, subject to legislation. If you are seeking information on the retirement age for accessing superannuation benefits see SuperGuide article Accessing super: What is my … [Read more...]

Age Pension: September 2014 rates now apply

Pixmac000010091271_septemberrates

The Age Pension rates, effective from 20 September 2014, are set out in the tables below. A single person eligible for the FULL Age Pension can expect an annual Age Pension income (including supplement, and Clean Energy Supplement) of around $22,212. A couple eligible for the full Age Pension … [Read more...]

Are you eligible for a Commonwealth Seniors Health Card?

retired_couple_12485974_c

IMPORTANT: The government has indexed the income test thresholds for the CSHC, effective from September 2014. The income test thresholds will be now indexed annually from September of each year. WARNING: From 1 January 2015, new applicants for CSHC will need to include superannuation pension … [Read more...]

Accessing super early: 14 legal reasons to cash your super

Pixmac000083333457_access

Many Australians are facing hard times, especially with structural change transforming our economy. The harsh reality is that mortgage repayments and everyday living expenses continue even when you when suffer redundancy, illness or other forms of misfortune. We receive hundreds of emails from … [Read more...]

Loading...

60 second poll - What is important when choosing a financial adviser? Take part