Can I Put Money into Super When I’m 65 or Over?

If it’s a voluntary contribution, you’ll need to have worked for at least 40 hours within a 30-day period under work test requirements.

If you’re 65 or over, you can continue to build your superannuation with compulsory employer contributions (such as Super Guarantee contributions your employer pays where you are eligible).

However, if you’re making voluntary contributions, which you may do through salary sacrifice (which is where you elect to have a portion of your before-tax income paid into your super), or via additional after-tax contributions, you must be under age 75 and satisfy work test requirements.

This is important, because if you do come into money (for instance, you might receive an inheritance or make money from an investment), you generally won’t be able to put this cash into super otherwise.

How does the government work test work?

If you’re 65 or over but under 75 at the time you’re contributing, you must’ve been gainfully employed during the financial year for at least 40 hours over a period of no more than 30 consecutive days.

The 30 days can be any consecutive 30-day period within the financial year, so in other words it doesn’t have to be in the same month, and as it’s a minimum requirement, there is no maximum limit to how much you can work.

The work test must however be met before you make the contribution. And, you also might need to submit a work test declaration form to your super fund to confirm you’ve met the government’s work test requirements.

What type of employment is acceptable?

Gainful employment means you are employed or self-employed for gain or reward in any business trade, profession, vocation, calling, occupation or employment.

Simply put, you need to be getting paid, so unpaid and volunteer work typically don’t count.

Are there limitations to what I can contribute?

Yes, there are. The super contribution caps below apply to everyone, but note, if you’re under 65, it may be possible to contribute more under the bring-forward rules.

Meanwhile, if you happen to have total super assets over $1.6 million as at 30 June of the previous financial year, you can’t make additional after-tax contributions to your super, or penalties may apply.

 

 



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