Super contributions for members beyond 75 years

If you are 75 years or older, the super fund cannot accept any voluntary (concessional and non-concessional) contributions from you apart from mandated (super guarantee) employer contributions which can be contributed at any time regardless of age.

However, the SIS Legislation also allows for a 28 day period from the end of the month in which a member turns 75 years to make member voluntary contributions (concessional or non-concessional) and salary sacrifice contributions to the fund subject to satisfying the work test condition.

Where the contribution is received but does not meet the above rules, the trustees are required to refund the contribution within 30 days of becoming aware.

Example: Adam is a member of ABC Superannuation Fund

On 6 October 2015, Adam turns 75 years old.

Adam turns 75 years old on October 6 2015

Provided Adam meets the work test condition, the trustee can accept and record the amount as a contribution as it has been made within 28 days from the end of the month in which he turns 75 years.

RELIANCE AUDITING SERVICES

Reliance Auditing Services is a specialist independent auditing services firm providing quality audits to SMSFs, companies, not-for-profits and AFS licensees all over Australia. Reliance Auditing places a huge emphasis on educating our clients to ensure they fulfil their reporting obligations.

Call: 1300 291 060
or email us at info@relianceauditing.com.au

DISCLAIMER: This information is an interpretation of rules, regulations and standards. It should not be considered as general or specific advice and neither purports, nor is intended to be advice on any particular matter. No responsibility can be accepted for those who act on the contents of this publication without first obtaining specific advice. Liability limited by a scheme approved under Professional Standards Legislation.