Concessional Contributions - Aged Above 75

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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