Q: I have $1.9 million in pension. Am I allowed to contribute to my accumulation super accounts? If so, how much can I contribute in terms of concessional contributions and non-concessional contributions? I’m 65 years old and not working now.
A: There are limits which are imposed on making non-concessional contributions, and that restriction is contained within the transfer balance cap rules. What it says is there are limits imposed on making non-concessional contributions when your total super balance at the end of the last financial year is not below the general transfer balance cap, which is currently $1.9 million.
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