Previously those aged over the age of 65 were required to meet a work test to be able to make personal contributions to their superannuation funds. As of July 1st, 2020, those aged 65 and 66 are no longer required to meet this requirement.
i.e. People who are aged 65 and 66, who are retired, can make personal contributions to their superannuation up to $125,000 utilising both concessional and non-concessional caps.
If you have recently acquired a lump sum of money or have recently sold an investment asset, it may be advantageous to make additional contributions to your superannuation.
You can read more about why making additional super contributions can benefit you come tax time here.
These changes may create new available strategies within your retirement plan. We recommend you make contact with your adviser if you think this is something you may benefit from.
If you’re needing an extra helping hand and are ready to speak with a financial planner, please get in touch.
What you need to know
This information is provided by Invest Blue Limited (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
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