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.

Non-concessional contributions: Re-contribution strategy still applies

Q: My wife turns 60 this financial year and it has always been my intention to cash out her portion of our small self-managed super fund (SMSF) and re-contribute it straight back in, so as to ensure that when she and I pass away, our children are not hit by tax. Is that still a valid strategy and if … [Read more...]

Super contributions: Beef up using a bring forward

Q: Under the 2-year bring-forward of non-concessional contributions, if a person makes an after-tax contribution of $180,001 when age 64 during the 2015/2016 year, can he continue to contribute the balance of the $540,000 anytime during the next 2 years without having to satisfy the work test?A: … [Read more...]

Super contributions: Turning 65 part-way through the year

Q: I turn 65 in February 2016. So I will be 64 years of age for a large part of the 2015/2016 financial year, but of course I turn 65 during the 2015/2016 financial year, that is, in February 2016. My understanding is that because I will be under 65 for part of the 2015/2016 financial year then I … [Read more...]

Making super contributions: 20 popular Q and As

We receive many interesting questions from readers. We believe this contact with our readers makes our SuperGuide site even more useful for readers because we enhance the SuperGuide website in response to the popularity of certain articles and topics, and in response to the types of questions that … [Read more...]

Turning 65: Maxing out the after-tax contributions cap

Q: If you turn 65 after 1 July 2015, and you retire after 1 July 2015, can you still make the $540,000 bring-forward non-concessional contribution as long as you make the contribution before 30 June 2016? Or do you have to satisfy the work test to do so?Answer: For the benefit of other readers, … [Read more...]

Superannuation contributions: Wearing two caps

Q: Are the caps relating to ‘concessional’ and ‘non-concessional’ contributions regarded as separate? Put simply, can I contribute $30,000 concessional and $540,000 non-concessional sums (a total contribution of $570,000) to my super fund for the 2015/2016 year?A: ‘Yes’ is the answer to the … [Read more...]

Bring-forward rule: 10 super facts you should know

I receive a lot of questions from readers seeking information about how the non-concessional (after-tax) rules work; in particular, how the bring-forward rules works. The bring-forward rule works over a 3-year period so it is very important that you keep track of the size and timing of any … [Read more...]

Contributions caps relate to financial years, not calendar years

Q: I understand the three-year bring-forward rule that allows you to contribute up to $540,000 in after-tax contributions. My question is: What date does the second three-year period start? For example, if I contributed $540,000 on 28 Dec 2015, does that mean I can contribute another $540,000 on or … [Read more...]

Help! How can we find independent financial advice?

Q: My husband and I are looking to start a SMSF. We have been able to find sources for the set up, accounting and audit of the fund and are now looking for assistance on the investment portfolio. We have a share portfolio outside super and so we have some knowledge in the area but do not feel … [Read more...]

Divorce and superannuation: Who gets what?

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...]