Concessional Contributions - Aged Above 75

There are significant superannuation regulation changes that may affect your contribution decisions:

  • The total super balance (TSB) threshold increases from $1.7 million to $1.9 million after 1 July 2023. It affects your eligibility for non-concessional/spouse/co-contributions.
  • The SGC rate increases from 10% to 10.5% in the 2023 FY and to 11% in the 2024 FY.
  • The work test requirement no longer applies if you make non-concessional/salary sacrifice contributions after 1 July 2022.
  • The age restriction for the bring-forward measure extends from under 67 to under 75 after 1 July 2022.
  • Income thresholds for the co-contribution measure increases annually.

We are currently updating the contents on our website progressively to reflect the above changes. In the meantime, please be mindful of the changes when making contribution decisions.

Eligibility to make Concessional Contributions

Your SMSF can only accept contributions for a Member aged over 75 which are mandated Employer Contributions. Your SMSF cannot accept personal contributions after age 75.

Voluntary Concessional Contributions when turning 75

If you are turning 75 during a Financial Year you can make voluntary Concessional Contributions to your SMSF on or before the day that is 28 days after the end of the month in which you turn 75, provided you satisfy the Work Test or meet the Work Test Exemption criteria.

What happens if you contribute without being eligible?

If you are 75 or over and contribute to your SMSF irrespective of whether you meet a Work Test, the amount must be returned to you by your SMSF within 30 days.  If the "ineligible" amounts are not returned within this time, your SMSF will have breached the superannuation contribution rules resulting in compliance issues that will be reported to the ATO in your SMSF's annual audit.

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