Two other requirements are in respect of the individual’s total. The combination of these changes with the superannuation preservation age remaining at age 65 boosts the opportunity to implement a super re-contribution strategy. Find out about the impacts for APRA-regulated funds. A super income stream (also known as a super pension or annuity) is a series of periodic payments to a member. The ATO guide to super contributions1 A Compedium of ATO publishings on superannution contributions Introduction 1 This compendium is a series of extracts from a variety of published ATO resources and represent the Commissioner’s view about the way in which provisions of the Superannuation Industry (Supervision) Act 1993 and the Income Tax. gov. 2020–21. gov. go over the concessional contributions cap. Certain contributions received by a complying SMSF are included in its assessable income and are usually taxed as part of the SMSF's income at 15% (or 47% for non-complying SMSFs). However if you are turning 75 during a Financial Year you can make a Non Concessional Contribution to your SMSF on or before the day that is 28 days after the end of the month in which you turn 75. Employee age – for employees who are. Employers who don't pay SG contributions in full by the due date (28days after the end of the quarter) or into the right fund must pay the super guarantee charge to us. If you make a personal tax-deductible contribution to your super fund, up to the annual limit of $25,000, you can claim a tax deduction provided you complete an ATO form and send it to your super fund. those turning 66 and 67 years old could also trigger the non-concessional contribution ‘bring forward’ arrangements. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. gov. 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. For more information, see Restrictions on voluntary contributions. Most of the super held in your fund will be in the form of preserved benefits. 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. Some contractors may also be eligible for super. The 40 hours can be in any arrangement over the 30 consecutive days. Your spouse must be either, under the age of 65 or, if aged between 65 and 69, meet the work test requirements. NGS Super Opportunities and limits for super contributions 1 Make the most of the rules Opportunities and limits for super contributions. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. If you do not receive super contributions or the amounts are incorrect: contact your employer and request an update; report it to us. 1 Does not apply to downsizer contributions, which may be made if aged 55 and over regardless of work status. Your TSB is calculated by adding together all the amounts you have in the accumulation. g. You can put a lump sum of at least $110,000 into superannuation, which is the general non-concessional contribution cap. Downsizing super contributions. Recent changes to superannuation legislation now makes it easier for people over the age of 65 to make contributions to superannuation. 2. The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000. 4 Based on 2019/20 tax rates. The information you provide is not stored and you will remain anonymous. Your TSB is calculated by adding together all the amounts you have in the accumulation phase of super. How to save for retirement via superannuation, your entitlements and obligations, when you can withdraw your super. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. Aged under 75*. The ATO will not be able to recover your unpaid super contributions or provide Choice of Fund if: You are not eligible for super contributions; Your employer is not required to offer you Choice of Fund; A relationship between you and the employer was not confirmed by the ATOAccumulation phase. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. NGS uper Split super contributions with your spouse 1. 5% in the 2023 FY and to 11% in the 2024 FY. 4. As someone with less than $1. Ancillary fund returns. Contributions made prior to 1 July. These rules allow you to make up to three years of non-concessional contributions in a single. Estimated employer SG based on Income. 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. This is $1. 65 million. Before you get too excited, a heads up. 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. 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. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230 for singles and up to $3,204 for couples. is in accumulation phase. Even a little bit extra can make a big difference over time. If you meet the work test or work test exemption, the standard contribution caps of $100,000 per year for non-concessional (after-tax) contributions and $25,000 per year for concessional (pre-tax, such as through salary sacrifice) contributions apply. 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. 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 cannot claim a tax deduction for standard member contributions made to a Defined Benefit account. The Government will provide $40. Online security; Technical support; System. Super is important for you, because the more you save, the more money you will have for your retirement. The actual amount you receive depends on your income and the size of your personal super. Payments from super. the amount of ATO-held super is $200 or more. A couple, George and Jane, sell their home for $800,000. As Division 293 tax is calculated on the lower of either the amount over the threshold or your total contributions, we would be calculating Division 293 tax on $17,500. tax free) basis. 2 million for consultation and co-design. Between 1 July 2020 and 30 June 2022,. Tax offset for super contributions on behalf of your spouse. This. Yes, but only if the contribution is received by the fund within 28 days after the end of the month when a person turns 75. Important: this calculator is to be used as a guide only. NGS Super Opportunities and limits for super contributions 2 Boost your super. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. How super is taxed. QC 23234. for people over 18, contributions by. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. $1700 (85 per. select Australian Taxation Office. If you own or manage a business and employ people, you may need to pay your employees super. 0. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. When she dies, Anna is receiving an account-based super income stream. The earnings are then taxed at your marginal rate plus Medicare levy less a 15 per cent tax. Example 2: Bob is aged 65 and made personal contributions to his super fund of $110,000 and received no other contributions during the year. Spouse super contribution splitting is the act of opting to transfer concessional contributions from your superannuation account to your spouse’s super account. ATO Tax Deduction Form. How much you can contribute. 2 million for consultation and co-design. For 2022-23 the general non-concessional contribution (NCC) cap is $110,000 and individuals who are eligible for the bring forward rule may contribute up to $330,000. 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. Also, by claiming the contribution as a tax deduction, the net tax saving will be $1,950. Definition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. is available from the Australian Taxation Office (ATO) at ato. concessional contributions. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) transferring any super you have. Contributions made prior to 1 July. Top marginal rates applies to amounts above $1. From 1 July 2022, if you are under 75 you will no longer need to meet the work test to make or receive non-concessional super contributions and salary sacrifice contributions. 1. 68 million but less than $1. We don't see an issue for you now but you might reach the cap in the future so we suggest you redo the calculation here every year before you add extra to your super. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. 5% per year till. Amount of cap. To claim a tax deduction you must receive an acknowledgment of our receipt of a valid form. 2 million to the Australian Taxation Office (ATO) in 2023–24. To be eligible to make after-tax contributions, you must have less than $1. gov. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. your total super balance, which is relevant to how some key superannuation rules apply to you. Government super contributions. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. 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. From the 2021-22 year the limit is $27,500. However, special conditions apply for under 18s and (for now at least) people aged 65 and over. Since July 2017 there has been a cap on the amount that can be transferred into the retirement phase (known as the transfer balance cap). If your contributions amounts go over these caps, you may have to pay extra tax. The superannuation work test requires a person to work at least 40 hours over a 30-consecutive day period in the financial year that the contribution is made. The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. you pay 15% tax; $250,000 p. More funding and resources for the ATO to tackle unpaid super. Downsizing Your Home And Superannuation. has reached their preservation age and begins a transition-to-retirement income stream. The current SG contribution rate is 11% of your earnings up to a certain limit. 1. Total superannuation balance Eligibility Threshold. If you are under 67, the Australian Taxation. From 1 July 2022, you can make or receive non-concessional personal and salary sacrifice contributions without meeting the work test (or exemption), but you must still meet the work test (or exemption) to claim a deduction for personal superannuation contributions so they are treated as concessional contributions. a spouse living separately and apart from you on a permanent basis; a parent, child, relative or friend if you are 18 years old or older; any other third party other than an employer or your spouse. For 2019–20 and earlier years, the age requirement for this exemption was 65 to 74 years. 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. You can contribute to your super if you are over 65, but there are different rules that apply if you are 67 or older. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. About the downsizer measure. Michael adds to super, saves tax and gets a bonus government co-contribution Michael age 30 $52 a fortnight $106 a fortnight Yearly salary $40,000 $40,000 Salary sacrifice (before tax) contribution $624 $2,418 After-tax super contribution $858 $858 Contributions you can make as a retiree (by age) 1. au You should consider your debt levels before adding to your super. If you meet the work test or work test exemption, the standard contribution caps of $100,000 per year for non-concessional (after-tax) contributions and $25,000 per year for concessional (pre-tax, such as through salary sacrifice) contributions apply. An increased concessional contributions cap applied until 30 June 2012 for people 50 years or over: if you were 50 years or over, your annual cap for the 2007–08 and 2008–09 financial years was $100,000; if you were 50 years or over, your annual cap for the 2009–10, 2010–11 and 2011–12 financial years was $50,000. Option one allows you to withdraw the excess contributions and 85 per cent of “associated earnings”. The fund members receiving a tax-free super pension, however, will generally not be required to lodge an annual return if the super pension is their only source of retirement income. See downsizer super contributions on the ATO website. Find out all you need to know to make the most of your. In some situations you may be able to roll. The investment earnings on your super are also only taxed at 15%. A: The key here is the age restriction on making contributions to super. Refer to our Downsizer contributions article for eligibility rules and practical application. This is comprised of the unused caps in the 2018/19 tax year and the $25,000 concessional contribution cap for the 2019/20 tax year. For people aged between 65 and 74, the contribution rules are different. Most people can choose which super fund they'd like their super contributions paid into. If you' are unsure if you’re a member of one of these funds, contact your super fund. The transfer balance cap is $1. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. change jobs or are retrenched. In a series of superannuation measures directed at improving access to home ownership a person. An annual tax return is still a requirement for an SMSF, even when fund members move into the retirement income phase. 1. Alisha reduces her work hours. You can choose to make payments more frequently, including fortnightly or monthly, for example. As you were under 65 as at the 1 July 2018 and your Total Super Balance is under $1. In the 2022–23 financial year, Adnan's ordinary time earnings (OTE) are the same as his salary, so the amount recorded 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. Johnson Pty Ltd must record the extra contributions made for Adnan as reportable employer super contributions. 2 min read. 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. Downsizer Changes. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. The 2020-21 annual contribution limit is $25,000. Strategy 2: Split your super contributions. Your super is for retirement, but you may be able to access it earlier on compassionate and other hardship grounds. Concessional contributions From 1 July 2022, if you are under age 75, you can contribute to your superannuation out of your income, before tax is paid without needing. The exception is downsizer contributions, which you could make if you were 65 years or older. Being age 74 or under as at 1 July is only one of the conditions for being able to access the bring forward rule. For example, if someone turns 75 in April this year, they can make a voluntary contribution to super up until 29 May 2019. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. Previous ATO figures shared with ABC News show that last financial. The Australian super system helps. how working part-time or taking a break from work affects your super balance. It’s called the “retirement safety net” for a reason. Compare your fund's investment performance over at least five years. Key takeaways: Concessional contributions are contributions made into your super before-tax. Eligibility age. Pay electronically to complying super funds and retirement savings accounts. If you're. On this page. contributions are made in excess of the concessional cap for the year. This is the maximum amount you are able to contribute to super in one. Work out how much your contributions may benefit your super balance. Nil if your Total Super Balance is greater than the transfer balance cap ($1. Transition to retirement income streams (TRIS) are available to assist members to gradually move to retirement by accessing a limited amount of super. If you are aged between 67 and 74, the Non Concessional Contributions limit for a given Financial Year is as follows: Income Year. This is the maximum amount of CGT-related super contributions you can exclude from your non-concessional contribution limits. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. When contributions should be returned; Contributions a fund must not accept; Restitution for mistake; Reporting contributions received; For your self-managed super fund. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. 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. 5) Act 2021 was enacted to improve the operation of the Trans-Tasman retirement savings portability arrangement between Australia and New Zealand by allowing the ATO to directly transfer unclaimed superannuation money (USM) of New Zealand (NZ) residents via the KiwiSaver Provider. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. Read more about superannuation rules for people over age 65 years. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. New rules starting 1 January 2023 have lowered the minimum eligibility age to allow people aged 55 and over to access downsizer contributions. 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. Super contributions. See downsizer super contributions on the ATO website. Generally, you won’t need to pay any more tax on these amounts if you’re below your non-concessional contributions cap. Last modified: 30 Aug 2023 QC 65745. 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. As a guide, employers contribute at least 11% of an employee's earnings to super. you may miss out on a super co-contribution, if eligible. 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. 1. Protocols for super funds for unclaimed superannuation of members aged over 65 years old. The age is 65 years, unless the governing rules of the fund specify that a benefit is only payable if the member reaches an age greater than 65. Super contributions must remain in super until you have met a condition of release. Activity statements. Strategy 1: Make a spouse contribution, get a tax offset. Check if you're eligible to receive super contribution payments from the government. The SG rate on the date the salary is paid applies. Marion’s super fund will deduct 15% contributions tax on the $27,500 personal contributions that she claimed as a tax deduction. 39 million at 30 June 2021 and are aged under 67 on 1 July 2021. If you're over 65, you can make a one-off post-tax contribution of up to. The SG rate is slowly increasing over the years and is legislated to reach a final annual rate of 12% from 1 July 2025. Originally the minimum age was 65, but this has progressively been lowered to age 55. leaving $0 as a non-concessional contribution for the year. Personal super contributions. under 18 years old, you pay it if they work more than. leaving $0 as a non-concessional contribution for the year. gov. If you are eligible to make non-concessional contributions and you contribute more than the annual general cap ($110,000 in 2023–24), you automatically gain access to your future. your fund can't accept personal contributions. As at 1 July 2022, the age requirement for access to the Downsizer contributions has been lowered from 65 to 60. When you reach your preservation age and retire, you can access your super to fund your retirement. 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. SUPERANNUATION WORK TEST REQUIREMENT AND “RESERVED” CONTRIBUTIONS. calculated by the Australian Taxation Office (ATO) based on your personal voluntary super contributions, including salary sacrifice contributions, made after 1 July 2017. An eligible, active super account is one that: is held by a living person. This information should be included on your payslips. Contributing more than the caps to your super may mean having to pay extra tax. from the 2014–15 to the 2016–17 financial year if you were 49 years or over. I am over 75 years of age. Since July 1 last year, he says, if you are under 75, you no long need to meet the work test to make non-concessional (after-tax) contributions of $110,000 a year to your super. The SG contribution rate is currently legislated to rise incrementally to 12% in July 2025. three years of annual caps ($330,000) under bring-forward rules if you’re eligible**. 28 October. For most people, 15% is lower than the marginal tax rate you pay on income. 4. You can get your super when you retire and reach your 'preservation age'. She decides to ease into retirement by reducing her work to three days a week. The work test is defined as working at least 40 hours over a 30 consecutive. Existing contribution caps and restrictions will not apply to the downsizer contribution. My super is approx $200K. You can contribute up to $15,000 per year and $50,000 in total under the Scheme. concessional) rate of tax. Managing employee super. These must be preserved in the fund until the time the law and your fund’s trust deed allows them to be paid. These contributions must be made within existing contributions caps (for details seeFrom 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). e. how contributions, investment options, fees and retirement age affect your retirement income. The non-concessional contribution cap is $110,000 per person, per financial year. Once you reach age 75, you cannot make Non Concessional Personal Contributions to your SMSF regardless of whether you satisfy the Work Test. rolled over the contributions or if HESTA has started paying a super income stream using any of the contribution. This is known as the non-concessional contribution cap. Super co-contribution. 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. 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. You can go with your existing fund, your employer's fund, or choose a different fund. Taxable component of $300,000 = 75%. satisfy an early access requirement. Notice of intent (NOI) to claim or vary a deduction for personal super. The most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. You don’t need to notify your super fund or the ATO, or even fill in an application, as your super fund automatically reports all your contributions to the ATO. You can only withdraw your super money in certain circumstances – for example, when you retire or. This means you can put in up to three times the annual cap of $110,000, which means you may be able to top up your super by $330,000 within the. 2 Australian Retirement Trust is generally unable to accept personal contributions if you’re aged 75 years or older. start a transition to retirement income stream while continuing to work. Tax Increase On. See the ATO website for more information about how much tax you'll pay on super contributions. Previously, you could only access your super once you were 65 years old or retired. The concessional contribution cap for the 2023/2024 financial year is $27,500. She still has the flexibility to withdraw. The annual cap for concessional contributions is $27,500 for the 2023–24 tax year. The amount withdrawn from superannuation is paid to the individual in accordance with proportioning rules, which is in proportion to existing taxable and tax. Sam, who is 40, decides to make a Non. The Government Age Pension is a regular fortnightly income from the Australian Government that helps eligible older Australians pay for basic living expenses. All types of concessional contributions count towards this cap. 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. 50% of $80,000 = $40,000. Downsizing in retirementLet’s assume Tina wants to maximise her concessional contributions in 2020-21 by making either salary-sacrifice contributions or tax-deductible contributions. The concessional contribution cap is $27,500 per person, per financial year. Super for employers . For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. Concessional super contributions are payments put into your super fund from your pre-tax income and are tax deductable for self-employed people. Under these rules, you can only access your super benefits as a 'non-commutable' income stream. Above- cap downsizer contributions for over 65 year olds from 1 July 2018, or 60 years from 1 July 2022. There is a limit on how much you can contribute to super as a non-concessional contribution. You can learn more about this on the ATO website. Superannuation Work Test Over Age 65. reaching age 65, ceasing a gainful employment. 2018 if you’re eligible*. You need to contribute to your super from your take-home pay. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. If you’re between 65 and 74 and still working, the rules around employer-paid super contributions don’t change. If your goal is for your spouse to have a super account balance of $1. New rules starting 1 January 2023 have lowered the minimum eligibility age to allow people aged 55 and over to access downsizer contributions. $110,000 per member per annum. If you've got less than $500,000 in super, you can make catch-up contributions, writes John Wasiliev, who seeks answers to your superannuation questions. $110,000 a year. au 2. You need to contribute before the end of the financial year, which is 30 June 2023. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. Annuities. gov. haven’t given your TFN to your super fund. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. Most people are members of taxed super funds. Find out about. See full list on ato. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. National rental affordability scheme. The ATO tax your contributions over the cap at your marginal tax rate, minus a 15% tax offset. The work test only applies for 67-75 year olds who wish to make a tax deduction relating to. Your entire benefit from a taxed super fund (which most funds are) is tax-free. If you're over 65, you can make a one-off post-tax contribution of up to. These are contributions you have not paid any personal income tax on. Common conditions of release. Paying super contributions. From 1 July 2022, you can make or receive non-concessional personal and salary sacrifice contributions without meeting the work test (or exemption), but you must still meet the work test (or exemption) to claim a deduction for personal superannuation. Contribution tax: 15%. The tax-free and taxable components of her income stream are worked out as follows: tax-free proportion of 25%; taxable proportion of 75%. The devil is in the detail and some retirees may feel short-changed. 2 million to the Australian Taxation Office (ATO) in 2023–24. QC 23234. 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 July of the first financial year in which your total super balance on 30 June of the previous financial year was less than $1. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230 for singles and up to $3,204 for couples. * This broadly applies to people whose total super balance was less than $500,000 on 30 June of the previous financial year. You cannot. If you are aged 75 or more, you can only make downsizer contributions. 5. Depending on your total super balance, non-concessional contributions are tax-free up to the non-concessional contributions cap. total super balance at 30 June of the previous financial year is less than $500,000. Turn your super or other savings into a guaranteed income when you retire. If you are over 65 and owned your home for at least 10 years, you can contribute up to $300,000 of the sale proceeds as a personal contribution to super. The eligible age has been further reduced to 55 years from 1 January 2023. You must be age 55 or older and meet the eligibility requirements. The net capital gain for Jeff’s SMSF is calculated as follows: Net capital gain = $10,000 – $3,000 = $7,000. Work test = 40 hours within 30 days. Check if you have to pay super for your employees, including contractors and workers under 18. Therefore withholding applies to $40,000 per annum, the SMSF trustee should follow Schedule 13 – Tax table for superannuation income streams to work out the amount to withhold from each payment. The concessional contributions tax rate on super is 15%. 18 years or older, you pay it regardless of how many hours they work. If your income, plus before-tax contributions, are over $250,000 per year, some or all of your contributions. you are aged less than 65 years. , but part of your income tax.