You are between 65 and 69 years old
Work test
As you are 65 years old or older, you will need to satisfy a work test in each financial year a contribution is made to your super.
The work test requires you to be gainfully employed. To satisfy the work test, you must work for at least 40 hours during a consecutive 30-day period each financial year. Unpaid work does not meet the definition of 'gainfully employed'.
If you're 65 or older and younger than 70 and you meet the work test, your fund can accept compulsory super contributions made for you by your employer.
If you meet the work test, your fund can also accept:
- other types of employer contributions, such as
- voluntary contributions your employer may make
- other amounts paid by your employer to your super fund such as administration fees and insurance premiums
- contributions made to your super fund by anyone else - these may be
- personal contributions (made by you)
- contributions made by someone other than you (such as your spouse).
Contributions
There are two types of super contributions:
Your contributions caps
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Concessional
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Non-concessional
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2012-13
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$25,000*
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$150,000
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2011-12
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$50,000*
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$150,000
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Tax on amounts over the cap
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31.5% (plus 15% paid on your behalf by your super fund)
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46.5%
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*There is 15% tax payable on concessional (before-tax) contributions paid into a super fund. Your super fund usually reduces your super account by your share of this tax.
From 1 July 2012, if you have gone over your concessional (before-tax) contributions cap by $10,000 or less, you may receive a once-only offer to have the excess concessional (before-tax) contributions refunded to you and assessed at your marginal tax rate, rather than pay excess contributions tax.
From 1 July 2014, the concessional (before-tax) contributions cap will be indexed in line with average weekly ordinary time earnings (AWOTE), in increments of $5,000.
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Any contributions over the concessional (before-tax) contributions cap will count towards your non-concessional contributions cap. If you have more than one super fund, contributions made to each fund will count toward your cap.
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Because you are over 65 years old, you cannot access the bring-forward provision.
Sections within Your age and super contributions caps
Last Modified: Friday, 7 June 2013