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Concessional Contributions - Aged Above 75

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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 Salary Sacrifice Contributions or personal contributions after age 75.

 
 
Voluntary Concessional Contributions when turning 75

If you are turning 75 during a Financial Year you can make Salary Sacrifice Contributions to your SMSF on or before the day that is 28 days after the end of the month in which you turn 75 and the work test requirement does not apply.

However, we caution that you have to meet the work test or be eligible for the work test exemption (WTE) when you make personal Concessional Contributions and the contribution must be made on or before the day that is 28 days after the end of the month in which you turn 75.

 
 
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.

If you make personal contributions to your SMSF on or before the day that is 28 days after the end of the month in which you turn 75 but are unable to pass the Work Test or meet the Work Test Exemption Criteria, the amount is treated as a Non-concessional Contribution given that you are unable to claim deduction for the amount.

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General Advice Warning

No Advice Express or Implied: The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND. This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND. Any information provided in relation to any financial product or service available through ESUPERFUND is factual information only about the operation of the account and how data is made available to ESUPERFUND. Where this website refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice (see below) from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.

Seek Professional Advice from a Financial Adviser: ESUPERFUND is a no advice model and does not provide financial, legal or tax advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances. A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it. It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance you are ultimately responsible for the Fund.

Fees: Fees relating to operating your SMSF with ESUPERFUND are detailed on our fee page here. When setting up an SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to set up an SMSF including an ATO Supervisory Levy, Company Trustee Setup Fee (where applicable), and Investment Fees.