However, there is a way you can contribute more, by carrying-forward your unused concessional contributions cap. The sum of these amounts ($267,500) is over the Division 293 threshold of $250,000, but only by $17,500. The 5 steps you must take as an employer to set up your business so you can pay your employees' super. For those who qualify, it can be an. 7 million on 30 June of the financial year before the one in which you want to make your contribution. This means a super fund can accept contributions from a non-resident who satisfies the relevant contribution criteria (eg, under age 65, or over 65 and meets the work test). If you are under 67, the Australian Taxation. The concessional contributions cap is the maximum amount of before-tax contributions you can contribute to your super each year without contributions being subject to extra tax. Between 1 July 2020 and 30 June 2022, you could accept. Around 58% 1 of Australians over the age of 65 receive either a part or full Government Age Pension. 68 million or less, you can make non-concessional contributions of up to $330,000 by bringing forward the caps over a three-year period If you have a total super balance of more than $1. For example, anyone under 65 during the 2021-22 financial year may be able to access the non-concessional bring-forward rule, allowing them to make non-concessional contributions of up to $330,000. For the first time, individuals aged between 67 and 75 will no longer need to satisfy a work test to. Contributions when aged over 65 If you are aged over 65, contributions to superannuation (assuming you satisfy the relevant eligibility and work test / work test exemption if applicable, namely you must have worked for at least 40 hours in a period of not more than 30 consecutive days in the particular financial year), are not preserved. I'm about to receive $300K as part of my mother's estate but doubt it will be finalised by June 30 due to Covid 19 issues slowing the process. concessional contributions. The low-rate cap amount for the 2023–24 financial year is $235,000. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. Individuals and agents can complete a super search by phoning our automated super search line on 13 28 65. In a series of superannuation measures directed at improving access to home ownership a person. For more information on the changes to transition to retirement income streams from 1 July 2017, see GN 2019/1 – Changes to transition-to-retirement income streams. ATO Community / Your Tax & Super / Your Super; Accessing Superannuation over 65. Between 1 July 2020 and 30 June 2022,. Super contributions must remain in super until you have met a condition of release. Alternatively, up to. Sam, who is 40, decides to make a Non. In addition to the other eligibility conditions, you are eligible for the government super co-contribution if you meet both these conditions:This tax rate generally applies to up to $27,500 in before-tax super contributions each financial year. If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. In some situations you may be able to roll. For more information see Super contributions – too much. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. ato. The work test still applies for personal deductible contributions made by people between the ages of. Concessional tax rate changes for balances over $3 millionThe Government proposed that from 1 July 2020; those aged between 65 to 66 may be eligible to make or receive super contributions of up to $300,000 without meeting the 40 hours in a 30-day period work test criteria, and. Alisha reduces her work hours. You both need to be Australian residents at the time you make the contribution. 9 million in 2023–24. There are caps on the amount you can contribute to your super each financial year to be taxed at lower rates. Contributions by third parties may be at risk of being against the requirements. This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. However, you can often put in much more using the concessional contribution cap, bring-forward rule and carry-forward rule. For 2022–23, the annual non-concessional contributions cap is $110,000 if your total superannuation balance on 30 June 2022 was less than $1. If you are aged between 67 and 74, the Non Concessional Contributions limit for a given Financial Year is as follows: Income Year. For the 2014–15, 2015–16 and 2016–17 financial years, the concessional contributions cap is $30,000 per financial year and is increased to $35,000 for members 49 or over. Hi @RodMann. Notice of intent (NOI) to claim or vary a deduction for personal super. the most recent 30 June balances reported by your super funds. go over the concessional contributions cap. As a result, additional contribution opportunities have been made available for older Australians looking to boost their retirement savings. Related article: Contributing to Super Over 65. for personal contributions (ATO notice of intent to claim or vary a deduction for personal super contributions) A tax deduction can be claimed for personal contributions (not salary sacrifice) if you are under age 65, or aged 65 to 74 inclusive2 and meet the work test or the work test applies in the financial year in which you make the. By investing $290,000 in an income stream, Alisha will receive regular income payments on top of the Age Pension. is in accumulation phase. Enter Income (including any salary sacrifice amounts) 2. Superannuation and relationship breakdown. She transfers the rest of her super to an account-based pension. The default settings are set to a level estimated by ASFA* for what might be needed for a comfortable lifestyle in retirement. Downsizing Your Home And Superannuation. Compare your fund's investment performance over at least five years. Work Test Over Age 65 In order to receive super contributions over age 65 and under 75 years of age, a member (contribution recipient) must meet the superannuation work test. This is called salary sacrifice and it gives the employee tax and retirement income benefits. There are 2 main tax advantages of adding money to your super for low income earners: If you earn less than $37,000 a year and make or receive before-tax contributions, the Australian Government refunds the tax on contributions, up to a maximum of $500. Marion’s super fund will deduct 15% contributions tax on the $27,500 personal contributions that she claimed as a tax deduction. Under the law, super funds will cancel insurance on inactive super accounts that haven’t received contributions for at least 16 months. You can also make certain types of super contributions up until you turn 75, even if you’re retired and drawing a super pension. Yes. For your self-managed super fund (SMSF) to receive concessional tax treatment, you must elect to be a regulated super fund and comply with the provisions and regulations of the: Superannuation Industry (Supervision) Regulations 1994 (SISR). When she dies, Anna is receiving an account-based super income stream. Concessional Contribution Limits. 4million dollars as at the 30 June 2018, you have the ability to make up to three times the annual $100,000 non-concessional contributions cap under the Bring Forward Arrangement and this means you can make up to $300,000 non. Since 1 July 2007, the trustee of a superannuation fund can only accept member contributions (ie, any contributions other than employer contributions) if the member. If you pay a worker, you are also required to pay them super guarantee: Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant. Super is a great way to save money for your retirement. It doesn’t matter if your job is permanent, or casual. 2019–20. Company structure. See downsizer super contributions on the ATO website. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. This includes: $27. On this page. People aged 65-74 may also be eligible depending on whether they meet the ‘work test’, whereby they must have worked at least 40 hours within 30 consecutive days in a financial year,. The work test requires the member to have worked at least 40 hours over a 30-consecutive day period in the financial year the contribution is received. Concessional contributions can come from several sources: from your employer, from pre-tax salary sacrificed contributions you may elect to make through your employer, and from contributions. When and how you can access your super and whether you need to pay tax on withdrawals. In the 28 days after you turned 75 years old, your fund could accept the following types of contributions if you satisfied the work test or work test exemption: voluntary employer contributions such as salary sacrifice contributions. tax file number (TFN) name. The most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. 5% x $400,000 (on their full salary if that is their salary). Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. the age of the member for whom the contribution is made; whether you have a valid tax file number (TFN) for the member; prior to 1 July 2017, a member's fund-capped contribution limit. Contributing to super Superannuation Guarantee (SG) If you are aged over 60, your employer must still pay SG contributions on your behalf into your super account. 1 For those age 65-74, the ‘work test exemption’ also applied. super funds that notified us before the start of the income year that they elected to treat all member contributions to the: super fund as non-deductible, or; defined benefit interest within the fund as non-deductible. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. QC 23234. Eligible Australians aged 55 or over are able to make a tax-free non-concessional contribution to their super of up to $300,000 each using the proceeds. It’s a legal requirement. The information you provide is not stored and you will remain anonymous. QC 23212. 1. 68 million but less than $1. Specifically, the work test requires you to have worked for at least 40 hours over a 30-consecutive day period in the financial year that you wish to make a contribution to super and prior to. Making super contributions is one of the simplest ways to improve your final retirement balance and reduce your tax bill. the higher income threshold was set at $15,000 above the lower income threshold. If you do, you’ll need to ensure you pay your total super guarantee (SG) contribution for the quarter by the due date. The maximum amount you can contribute is $300,000 per person, so a couple could contribute up to $600,000. The bring-forward rules apply to non-concessional contributions only. Anyone under age 65 can make a contribution to their super, even if they are retired or not working. Originally the minimum age was 65, but this has progressively been lowered to age 55. If you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. Part of your super money is taxable, made up of: employer contributions; salary sacrificed contributions; personal contributions claimed as tax deductions; Part is tax-free, made up of: after tax contributions; government co-contributions; If you're age 60 or over. Ceasing work contributions are permitted on a once-only basis after the super fund member has. When contributions should be returned; Contributions a fund must not accept; Restitution for mistake; Reporting contributions received; For your self-managed super fund. If the money is savings for example, she can transfer the entire $330,000 in one transaction. For example, if you want to make a carry-forward concessional contribution in 2023–24, your TSB must have been under $500,000 on 30 June 2023. For ATO-held contributions,. 65-74: $435,900: $381,700: 75 and over: $370,900:. g. These ‘assessable contributions’ include: employer contributions (including contributions made under a salary sacrifice arrangement)Source: The Australian Taxation Office : Untaxed in the fund: Age: Lump Sum: Income Stream: Age 60 and over: Subject to tax up to a maximum of 15% on amount up to the untaxed plan cap amount of $1. This effectively reduces your taxable income, meaning you pay less tax on your income. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. Sam, who is 40, decides to make a Non-Concessional. Includes employer contributions into your super account such as Super Guarantee (SG), salary sacrifice and before-tax contributions for which you claim a tax deduction. The age-based limit of 65 years old has. Consolidate all your super. au You should consider your debt levels before adding to your super. How to pay super, the amount to pay and due dates for payment. From 1 st July 2020, you no longer need to meet the work test or work test exemption criteria if you are 65 or 66 years old in order to contribute money into superannuation. The work test requires a member to be gainfully employed in order to make non-concessional contributions (NCCs). Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. If your spouse has earnings below $37,000 you can claim the maximum tax offset of $540 when you contribute $3,000 to his/her super. Super contributions. Amounts over the non-concessional cap are taxed at 47% for the 2020–21 financial year. the maximum co-contribution entitlement was set at $500. Access your annual statement. Regulation 4A of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (SUMLMR) prescribes the eligibility age for both men and women for the purposes of unclaimed money. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. 7 million in super on June 30 of the previous financial year. I turned 65 Sept, 2019 and retired April, 2020, but still do relief work in my field so could satisfy a work test. For more information, see: Non-concessional contributions cap. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work test. NGS Super Opportunities and limits for super contributions 1 Make the most of the rules Opportunities and limits for super contributions. No maximum age limit applies. Generally speaking, from 1 July 2022, you’re eligible to receive super from your employer if you are aged over 18. Income tax returns. The net capital gain for Jeff’s SMSF is calculated as follows: Net capital gain = $10,000 – $3,000 = $7,000. I am over 75 years of age. Anyone under the age of 65 can make a non-concessional contribution whether they are employed, self-employed, looking for work or retired. When and how you can access your super and whether you need to pay tax on withdrawals. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. 48 million (from 1 July 2021, and $1. a. a personal super contribution, you must meet the ATO’s work test or work test exemption to be eligible to claim a tax deduction for the contribution. Source: ato. can the employer pay the 79 year old employee 9. Each spouse can contribute up to $300,000. The bring-forward rules apply to non-concessional contributions only. This includes the requirement for providers to report and pay in the approved form by the scheduled statement due dates as follows: for an unclaimed money day being 31 December of any year – 30 April of the following year. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. Super funds are transferred into the retirement phase when a member starts a super income stream (or pension). gov. Because, while withdrawals from super are tax-free once you reach age 60, it. 1300 338 240. This is less than the lowest income. Thankfully, the ATO has a calculator you can use to find out how much you're entitled to, based on your income. 7 million on 30 June of the financial. If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. The Government will provide $40. The contributions your SMSF can accept are restricted by:. for people over 18, contributions by. You are able to carry-forward any unused portion of your super concessional contributions cap each year, from the 2019. This type of contribution is taxed at a flat rate of 15% in your fund. Income thresholds. is 65 years of age (even if they. ** If you happen to have total super. is available from the Australian Taxation Office (ATO) at ato. Taxable CGT amount = $7,000 – ($7,000 x 1/3 discount) = $7,000 – $2,333. 5% of Adnan's salary. You must be age 55 or older and meet the eligibility requirements. Retirement phase. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. From ATO: From 1 July 2021. You cannot claim a tax deduction for standard member contributions made to a Defined Benefit account. If you’re over 55 and looking to boost your retirement savings, you may be eligible to make a super contribution of up to $300,000 from the sale proceeds of your primary residence. Types of non-concessional contributions include contributions your spouse makes to your super or personal contributions that you don’t claim as a tax deduction. Super is a great way to save money for your retirement. acknowledge notices. Adjusted taxable. If you believe your employer has not been paying enough, you can use. Basically it removes the work test for voluntary contributions for people aged 65 and 66. Under these rules, you can only access your super benefits as a 'non-commutable' income stream. those turning 66 and 67 years old could also trigger the non-concessional contribution ‘bring forward’ arrangements. Until 1 July 2017, there was a restriction on employees – known as the 10% rule – which prevented tax deductible super contribution claims unless less than 10% of income was from employment-related activities. The ATO tax your contributions over the cap at your marginal tax rate, minus a 15% tax offset. To help your members claim or vary a tax deduction for personal super contributions, you should: accept notices – ensure the notice is valid, in the approved form and given to you by the relevant deadline. How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. select Super, then Manage, then Transfer super. Legislation to remove that rule was passed in. • 18 years old or over, or • under 18 years working over 30 hours a week • employed on a full-time, part-time or casual basis (including those who are working in Australia temporarily). gov. If you are aged 75 or more, you can only make downsizer contributions. The tax rate for non. You cannot. Under the change, retirees aged between 67 and 75 years of age can top up their super through non-concessional and salary sacrificing contributions, provided their super is less than $1. She made a personal contribution of $10,000 to her super. If you were over 18 but under age 67 at the time you make a personal super contribution, you don’t have to meet the work test. Early access to super. How your super is affected if your marriage or relationship breaks down. haven’t given your TFN to your super fund. If your total super balance is $1. You can make a downsizer contribution up to a maximum of $300,000 (each spouse), but the contribution amount can't be greater than the total proceeds from the sale of your home. $180,000 - $100,000 = $80,000. 33. Option one allows you to withdraw the excess contributions and 85 per cent of “associated earnings”. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. The Government will provide $40. The work test requires the member to have worked at least 40 hours over a 30-consecutive day period in the financial year the contribution is received. The Government will also set public targets for the ATO on. After speaking to a financial adviser, he decides to make a personal super contribution of $10,000 and claim the amount as a tax deduction. 2020–21. For more information and to download the form, visit ato. In the wake of the COVID-19 pandemic, the government has temporarily reduced super pension minimum drawdown rates for 2019–20. Downsizing super contributions. A contribution to my spouse's PSSap/ADF Super account (eligible spouse contribution) Note: A tax offset of up to $540 is available to a tax-payer who makes contributions into their spouse's account where the spouse's income is less than $40,000 pa, the spouse has not exceeded their non-concessional contribution cap andMay 18, 2022 – 5. These rules allow you to make up to three years of non-concessional contributions in a single. 65 million. 1. Changes to genuine redundancy and early retirement scheme payments. This is $1. For eligibility criteria visit ato. leaving $0 as a non-concessional contribution for the year. Work towards a retirement goal. She decides to take out a $40,000 lump sum to pay for home improvements. On this page. Super for employers . A super income stream is when you withdraw your money as small regular payments over a long period of time. Also, by claiming the contribution as a tax deduction, the net tax saving will be $1,950. Insurance on inactive super accounts. Update your details. 2018 if you’re eligible*. If you do not receive super contributions or the amounts are incorrect: contact your employer and request an update; report it to us. Amount of cap. Your options from the ATO include: Withdraw the excess contribution and earnings. Save. Over the previous two financial. Once you hit age 55, you have a new opportunity to make super contributions using the downsizer rules, which have no work test requirement or upper age limit. The Government also announced $40 million in funding for the ATO so it better enforces super compliance, plus it has announced stronger targets for the ATO’s recovery of unpaid super amounts. 2 Australian Retirement Trust is generally unable to accept personal contributions if you’re aged 75 years or older. Your super is for retirement, but you may be able to access it earlier on compassionate and other hardship grounds. There are rules for accepting contributions that all trustees need to know. 7 million in retirement phase super accounts. you are aged less than 65 years. Superannuation Work Test Over Age 65. Example 2:The government has introduced a lifetime balance cap for super which limits the total that can go into a tax-free super pension to $1. 9 million, he is eligible to contribute up to $110,000 in non-concessional contributions during 2023–24 into his accumulation account without exceeding the contribution cap. you have not made a request to transfer ATO-held super to your preferred super fund. Learn more about the low-rate cap. 6 million, there are a few things that you will potentially want to know about. The cash out re-contribution strategy involves withdrawing some or all of the superannuation interest and re-contributing the amount as a non-concessional contribution. your total super balance, which is relevant to how some key superannuation rules apply to you. Payments from super. Aged under 75*. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached. As salary-sacrifice contributions come from your pre-tax salary, most people only pay 15% tax on them when they enter the super system. So for Karen in our example above, her SG contributions are $10,500 which means she can make up to an additional $17,000 in concessional contributions. To. Gainfully employed is defined as working at least 40 hours in a period of 30 consecutive days during the financial year in which you wish to make super contributions. As a result, additional contribution opportunities have been made available for older Australians looking to boost their retirement savings. 7 million (in 2022–23) in super, by recontributing some of your super benefit into your spouse’s super account you may both be able to hold up to $1. Before you get too excited, a heads up. In most cases, you will be able to withdraw your super tax free as either a lump sum, or income stream if you are over 60 – whether your super is in accumulation phase or pension phase. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). au How much super to pay The minimum amount of super is known as the SuperWhen you are aged between 60 and 64 and are NOT "Retired" you have the option of commencing a Pension Income Stream from your SMSF. The SG rate is slowly increasing over the years and is legislated to reach a final annual rate of 12% from 1 July 2025. online. Make sure your super fund has your tax file number (TFN). It’s called the “retirement safety net” for a reason. Contribution tax: 15%. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. As someone with less than $1. * This broadly applies to people whose total super balance was less than $500,000 on 30 June of the previous financial year. How super is taxed. how working part-time or taking a break from work affects your super balance. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. National rental affordability scheme. 2 minutes. During 2018/19 $10,000 in before-tax (concessional) contributions were paid to her super account. The fund also has an unapplied capital loss of $3,000 from earlier years that can be offset against this year’s capital gain. Government co-contribution. Some of the eligibility criteria you must satisfy before making. This is between 55 and 60, depending on when you were born. If your spouse's total combined income (assessable income plus reportable fringe benefits) is less than $40,000, you may claim a tax offset up to $540 for the contributions you make to your spouse's super. The work test was changed on 1 July 2022. au For the 2014–15, 2015–16 and 2016–17 financial years, non-concessional contributions are subject to a yearly cap of $180,000 for members 65 or over but under 75 or $540,000 over a 3-year period for members under 65. To learn more about how this works, the ATO. Protocols for super funds for unclaimed superannuation of members aged over 65 years old. Key takeaways: Concessional contributions are contributions made into your super before-tax. Alisha is 67 and is retiring with $330,000 in super. Has now obtained casual employment and will receive superannuation payments. You can learn more about this on the ATO website. = $4,666. Above- cap downsizer contributions for over 65 year olds from 1 July 2018, or 60 years from 1 July 2022. As a guide, employers contribute at least 11% of an employee's earnings to super. Alisha transfers $155,000 of her super to a transition to retirement pension and withdraws $9,000 each year, tax-free. This will cease to apply from 1 July 2017. The rules are set out under the superannuation guarantee (SG) legislation, a law that tells you the minimum amount you need to pay, to which workers, and how often. If you earn above that limit for each quarter, your employer does not have to make contributions for the part of your earnings over the limit. This information applies to: taxed, complying super funds. you have not made a request to transfer ATO-held super to your preferred super fund. Unused rebate – transferring. a 1. Your accumulation account with this. The tax-free and taxable components of her income stream are worked out as follows: tax-free proportion of 25%; taxable proportion of 75%. 79 million, you can contribute up to $220,000 by bringing forward the caps over a two-year. 15% contributions tax. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution). Paying super contributions. 20 June 2023. $110,000 a year. your total super balance, which is relevant to how some key superannuation rules apply to you. This calculator helps you work out: what income you're likely to get from super and the age pension when you retire. If you are a low or middle-income earner and make a personal after-tax contribution, you may. You may have to pay more tax if you exceeded the non-concessional contributions cap. You are only eligible to bring-forward the next 2 years of contributions if you are under 75 years (67 years for 2021-22, 65 years for 2020–21 and prior years) on 1. Up to a full tax offset of $540 (actual amount is calculated as 18% of the lesser of $3,000 and your total contributions for your spouse) Between $37,000 and the cut-off threshold of. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. the sum of your spouse contributions in the income year. au 2. If your total income is equal to or less than the lower threshold and you make personal non-concessional contributions of $1,000 to your super account, you will receive the maximum co-contribution of $500. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. They can 1) choose to continue making contributions to their superannuation fund, in most situations, or 2) they can cease to make contributions and simply maintain the fund - and alternatively make contributions to offshore pension or investment accounts. 3 times the annual non-concessional contributions cap over 3 years (that is, $330,000) if your total super balance on 30 June of the previous. Had my wife been aged 65 or more, or been over her preservation age. This means her income will drop to $30,000. Why do I have to be over 65? This measure provides an exception to existing contribution By using ATO online services, you can keep track of your super. This calculator helps estimate how much money you could get in retirement, how long your super could last and how adding a few extra dollars to your super now, could make a. Before you get too excited, a heads up. Recent changes to the rules around superannuation contributions including a work test change for people aged 65 and 66 have been made and come into effect from 1 July 2020. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. If you're a trustee of a self-managed super fund (SMSF), there are some things to consider when starting or stopping a super income stream, or pension. The 2020-21 annual contribution limit is $25,000. For salary or wage payments, you need to pay the minimum superannuation guarantee (SG) contribution based on the super guarantee rate for the relevant year. Adding to your super. Contributions splitting. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work. The 2020-21 annual contribution limit is $25,000. Non-concessional (after-tax) personal/voluntary contributions. 70 (ie, $48,040 x 9. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. The capital gains tax on the sale would be the tax you need to pay on that $500 gain. Making a spouse contribution to their super account; Arranging for contribution splitting (also known as super splitting) Spouse superannuation contributions can now be made for spouses earning up to $40,000 per year. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. You can only withdraw your super money in certain circumstances – for example, when you retire or turn 65. Australians proceeding overseas have two broad options when it comes to superannuation. Some contractors may also be eligible for super. A: As someone with close to $2 million in super, the maximum annual amount of concessional contributions you and an employer can make on your behalf without any penalties applying is $27,500. change jobs or are retrenched.