New rules. 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. You will be asked questions about the nature of the work arrangement. You’ll need to satisfy the work test in the financial year you intend on making the contribution. Last modified: 30 Aug 2023 QC 65745. ceases an employment arrangement on or after the age of 60. Where possible, we will notify you if we do this. May-09 (Initiate) 21 Feb 2022. 68 million from 1 J. You can only withdraw your super money in certain circumstances – for example, when you retire or turn 65. The work test only applies for 67-75 year olds who wish to make a tax deduction relating to. Your super is for retirement, but you may be able to access it earlier on compassionate and other hardship grounds. Sam, who is 40, decides to make a Non. 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. 2 Australian Retirement Trust is generally unable to accept personal contributions if you’re aged 75 years or older. The eligible age has been further reduced to 55 years from 1 January 2023. If you have a total superannuation balance which is equal or more than the general Transfer Balance Cap on 30 June of the previous. The calculator will also show different payment options to help you decide how to boost your super, like salary sacrifice, after-tax contributions or a combination of both. 9 million in July 2023. Downsizing Your Home And Superannuation. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. Above- cap downsizer contributions for over 65 year olds from 1 July 2018, or 60 years from 1 July 2022. 48 million (from 1 July 2021, and $1. Retirement means you have ceased gainful employment either: when you were 60 years old or over. From the 2022-23 financial year, the work test was abolished for members up to age 74 years. 3. The work test requires a member to be gainfully employed in order to make non-concessional contributions (NCCs). From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. you have not made a request to transfer ATO-held super to your preferred super fund. Accumulation phase, as the name suggests, is where your superannuation savings are held during your working life and left to accumulate for your retirement. select Super, then Manage, then Transfer super. 33. Learn more about accessing your super by reaching age 60 and ceasing employment. When you reach your preservation age and retire, you can access your super to fund your retirement. For those who qualify, it can be an. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. How super is taxed. tax file number (TFN) name. Maximum super contribution base. I turned 65 Sept, 2019 and retired April, 2020, but still do relief work in my field so could satisfy a work test. 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. Under the superannuation guarantee, employers have to pay superannuation contributions of 11% of an employee's ordinary time earnings when an employee is: over 18 years, or. As mentioned earlier, super payments are generally tax free once you turn 60. 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. Access your annual statement. A retirement goal. 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. 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. 2020–21. 2 million for consultation and co-design. 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. Pension payments in super after the age of 60 are tax free and anyone over 65 can switch their super into a pension account even if. If you have a total super balance of $1. Johnson Pty Ltd must record the extra contributions made for Adnan as reportable employer super contributions. If you do not receive super contributions or the amounts are incorrect: contact your employer and request an update; report it to us. If you risk going over your TBC by taking a super death benefit as an income stream, you may need to consider strategies such as taking the death benefit as a lump sum, taking a mix of pension. If you’re between 65 and 74 and still working, the rules around employer-paid super contributions don’t change. 1. service@csc. The. Important: this calculator is to be used as a guide only. QC 23234. commencing a super income stream in the form of an. gov. As someone with less than $1. contributions are made in excess of the concessional cap for the year. /tax-and-super-professionals/for-superannuation-professionals/apra-regulated-funds/reporting-and-administrative-obligations/unclaimed-superYou can access your super if you’re aged 60 and over and you stop working, even if you subsequently get another job with another employer. Enter Income (including any salary sacrifice amounts) 2. au 2. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. 7 million on 30 June of the financial. An income stream is either: account-based – the income stream is paid from a super account held in the member’s name. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. Age 65 is a condition of. Plan your retirement. 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. If it is your wife wouldn't meet the eligibility criterion of being 65 years old. Related article: Non-Concessional Contributions Over 65. 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. Learn more about the low-rate cap. 18 for each dollar the receiving spouse’s income is over the low-income threshold. sign in to myGov. select Super, then Manage, then Transfer super. There is no upper age limit. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. Assume you have a Total Superannuation Balance of $1. It doesn’t matter if your job is permanent, or casual. 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. The default settings are set to a level estimated by ASFA* for what might be needed for a comfortable lifestyle in retirement. In fact, salary sacrificing is an excellent way to boost retirement income. If you don’t have an online account, you can register for online access in a couple of easy steps. The concessional contribution cap is $27,500 per person, per financial year. 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. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work. NGS Super Opportunities and limits for super contributions 2 Boost your super. 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). Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. $180,000 - $100,000 = $80,000. National rental affordability scheme. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. or 30% contributions tax if your income plus contributions is more than $250,000 per year. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. 1. Changes to genuine redundancy and early retirement scheme payments. a. The changes enable people aged over 65 years, but under 67 years old to make voluntary concessional and non-concessional contributions to superannuation without the need. Downsizer Changes. Most of the super held in your fund will be in the form of preserved benefits. 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). the maximum co-contribution entitlement was set at $500. Super payment due dates. 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. Eligibility age. The 40 hours can be in any arrangement over the 30 consecutive days. The person must be 65 or older and a contribution of up to $300,000 can be made within 90-days of the property settlement. The most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. On this page. 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. date of birth. For the first time, individuals aged between 67 and 75 will no longer need to satisfy a work test to. Sam, who is 40, decides to make a Non-Concessional. Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. 5 min read. Once you reach age 75, you cannot make Non Concessional Personal Contributions to your SMSF regardless of whether you satisfy the Work Test. May-09 (Initiate) 21 Feb 2022. Downsizing super contributions. Your super fund will require a declaration. Contributions caps. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. Alisha has just turned 60 and currently earns $50,000 a year before tax. leaving $0 as a non-concessional contribution for the year. The earnings are then taxed at your marginal rate plus Medicare levy less a 15 per cent tax. . Hi @RodMann. Non-concessional (after-tax) personal/voluntary contributions. See downsizer super contributions on the ATO website. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. For more information on Treasury’s. for people over 18, contributions by. As a guide, employers contribute at least 11% of an employee's earnings to super. gov. This cap is indexed annually and is $1,650,000 for 2022–23. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. Update your details. You can get your super when you retire and reach your 'preservation age'. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. go over the concessional contributions cap. If you're over 65, you can make a one-off post-tax contribution of up to. 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. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. subject to the annual concessional contributions cap. Work out if you have to pay super; Setting up super for your business; Paying super contributions; Missed and late super guarantee payments; SuperStream. The investment earnings on your super are also only taxed at 15%. You can also make certain types of super contributions up until you turn 75, even if you’re retired and drawing a super pension. Super lump sum. If you do, you’ll need to ensure you pay your total super guarantee (SG) contribution for the quarter by the due date. Anyone under the age of 65 can make a non-concessional contribution whether they are employed, self-employed, looking for work or retired. If you believe your employer has not been paying enough, you can use. 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 $40,000. 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. visa holder status (if applicable)Residents Below 65. From 1 July 2017 to 30 June 2021, the non-concessional contributions cap was $100,000. 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. Between 1 July 2020 and 30 June 2022,. Originally the minimum age was 65, but this has progressively been lowered to age 55. Superannuation Work Test Over Age 65. It’s a legal requirement. Where to pay super. 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. Turn your super or other savings into a guaranteed income when you retire. 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. 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. Contributions made prior to 1 July. 1 For those age 65-74, the ‘work test exemption’ also applied. is in accumulation phase. All types of concessional contributions count towards this cap. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. Income from a capped defined benefit income stream. An eligible, active super account is one that: is held by a living person. 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. Marginal tax rates and tax offset of 10% of element untaxed in the fund. If you're. You cannot. Concessional super contributions are payments put into your super fund from your pre-tax income and are tax deductable for self-employed people. Generally speaking, from 1 July 2022, you’re eligible to receive super from your employer if you are aged over 18. 4 Work test. External Link. As @Bruce4Tax said, this assumes she can take advantage of the non-concessional bring-forward arrangements and her 30 June 2021 balance was less than $1. Consider the impact of fees and costs. It will help you work out the. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. You need to contribute before the end of the financial year, which is 30 June 2023. If not: contributions are taxed an additional 34%. The work test was changed on 1 July 2022. 4. The Bring-forward rule is a provision that allows Members to make non-concessional contributions (after-tax contributions) amounting to more than the contributions cap of $110,000 over a three-year period from 1 July 2021. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. Find out when you can access your super. Members aged over 65 years old. By using this strategy, he’ll increase his super balance. 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. If you’re self-employed but operate your business under a company or incorporated structure, each quarter you are required to pay the normal SG contribution of 10% for any eligible employees – including yourself – earning over $450 per calendar month (before tax). Each spouse can contribute up to $300,000. 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. Personal super contributions. Your super fund will tax your contribution at the concessional super rate of 15%, instead of your marginal tax. Acknowledging notices. You can choose to make payments more frequently, including fortnightly or monthly, for example. How to save for retirement via superannuation, your entitlements and obligations, when you can withdraw your super. Managing employee super. Welcome to our Community. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. 1 July - 30 September. This effectively reduces your taxable income, meaning you pay less tax on your income. 9 million. au. For higher income earners with income over $250,000, the rate is 30%. An eligible, active super account is one that: is held by a living person. * This broadly applies to people whose total super balance was less than $500,000 on 30 June of the previous financial year. Lost super search line. 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. The contributing member must complete a notice of intent to claim a deduction form on or before whichever of the following days occurs earliest, either:. 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. Find out about the impacts for APRA-regulated funds. 4. Being able to implement a re-contribution strategy therefore requires the member both meeting a condition 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. ATO Tax Deduction Form. Where possible, we will notify you if we do this. gov. 65 million. 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. 15% contributions tax. As at 1 July 2022, the age requirement for access to the Downsizer contributions has been lowered from 65 to 60. Common conditions of release. Retirement income and tax. the maximum co-contribution entitlement was set at $500. has reached their preservation age and begins a transition-to-retirement income stream. There are limits to how much you can contribute each financial year: up to $27,500 in. LCR 2016/10: Superannuation reform: defined benefit income streams – non commutable, lifetime pensions and lifetime annuities. Contribution tax: 15%. A one-year exemption from the work test was announced as part of the 2018-19 Federal Budget that meant that from 1 July 2019, Australians aged 65 to 74 with a total superannuation balance below $300,000 were able to make voluntary contributions for 12 months from the end of the financial year in which they last met the work test. ATO Community / Your Tax & Super / Your Super; Accessing Superannuation over 65. total super balance at 30 June of the previous financial year is less than $500,000. If you’re aged 75. Insurance on inactive super accounts. The non-concessional contributions cap ($110,000 in 2023–24) is much higher than the concessional contributions cap ($27,500 in 2023–24), which means you can add more to your retirement nest egg. Originally the minimum age was 65, but this has progressively been lowered to age 55. 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. The SG rate is slowly increasing over the years and is legislated to reach a final annual rate of 12% from 1 July 2025. 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). For more information see Super contributions – too much. 1300 338 240. 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. The Government will also set public targets for the ATO on. The tax rate depends on your income plus your before-tax super contributions. Estimated employer SG based on Income. The work test still applies for personal deductible contributions made by people between the ages of. Super for employers . 5% x $400,000 (on their full salary if that is their salary). Marion’s super fund will deduct 15% contributions tax on the $27,500 personal contributions that she claimed as a tax deduction. The low-rate cap amount for the 2023–24 financial year is $235,000. In addition, your lifetime super contributions or Total Super Balance (TSB) must not exceed $1. 50% of $80,000 = $40,000. employer. This is where most people can get confused. 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. • 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). 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. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. The Government will provide $40. The significance of super co-contribution continuation after age 67. ceases an employment arrangement on or after the age of 60. If you have more than $1. 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. A: The key here is the age restriction on making contributions to super. From 1 July 2019, the age at which you qualify for the Age Pension rises to 66, with the eligibility rising six months every two years until it reaches age 67 for everyone on 1 July 2023. Between 1 July 2020 and 30 June 2022, you could accept. 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. 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. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. Division 293 Tax: $17,500 * 15% = $2,625. The ATO explains that as a general rule, you have to report any capital gains and losses as part of your income tax return each financial year. the balance of the active super account after we initiate transfer of certain types of ATO-held super is equal to or greater than $6,000. Refer to our Downsizer contributions article for eligibility rules and practical application. 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. A couple, George and Jane, sell their home for $800,000. Downsizing super contributions. 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). 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. Common Reporting Standard. The beginning of a financial year is 1 July and the end is 30 June. The bring-forward rules apply to non-concessional contributions only. 39 million at 30 June 2021 and are aged under 67 on 1 July 2021. Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations). 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. If you're over 65, you can make a one-off post-tax contribution of up to. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. There are special circumstances where you can access your super early. For example, if someone turns 75 in April this year, they can make a voluntary contribution to super up until 29 May 2019. If you make contributions from your after-tax income — known as non-concessional contributions — you don't pay any contributions tax. If you are aged 65 years or over and we receive unclaimed super money for you from your super fund we may make a direct lump sum payment to you (where we are able to) and your super money will be withdrawn from the superannuation system. You may be able to choose the super fund your SG contributions are paid into. 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. 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. Your options from the ATO include: Withdraw the excess contribution and earnings. the matching rate was set at 50%. You need to contribute to your super from your take-home pay. You can learn more about this on the ATO website. 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. 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. Generally, to make or receive personal super contributions over age 67 (but under age 75), you will need to meet the superannuation work test. At the moment the scheme is aimed at people aged 65 and over but that is due to drop to 60 from 1 July, 2022. Manage and then Withdraw ATO-held super to have your super paid directly to you if the amount is less than $200 or you are over 65. Since 1 January this year, people over the age of 55 have been able to contribute up to $300,000 from the proceeds of the sale of their homes into their superannuation funds. A super income stream is when you withdraw your money as small regular payments over a long period of time. Using Aware Super’s Member Online is an easy way to manage your super online. SuperStream for employers; SuperStream for SMSFs ; SuperStream for APRA-regulated funds; Online services. You must be age 55 or older and meet the eligibility requirements. For people aged between 65 and 74, the contribution rules are different. They will be able to advise you if they. 15% rate) contributions. Common conditions of release. Find out all you need to know to make the most of your. $110,000 per year. how contributions, investment options, fees and retirement age affect your retirement income. The tax rate for non. 0. Advertisementto claim a tax deduction for your contribution. The SGC rate increases from 10% to 10. If age = 67+ unless the exemption applies. For example, if you reached 75 on, say, 15 September, you could still make contributions to super until 28 October. 2 min read. other amounts paid by your employer to your super fund, such as administration fees and insurance. The Superannuation contributions splitting application and its instructions are for superannuation fund members who want to split their super contributions. The actual amount you receive depends on your income and the size of your personal super. This contribution includes your transfer balance cap (TBC), which is the limit on the. When you enter the workforce, you must choose a super fund or accept the default MySuper fund offered by your employer. Concessional contributions can be made, and therefore a tax deduction claimed, if you are under the age of 75. The 3-year bring-forward rule allows Members in an SMSF to contribute more than the Non-Concessional Contribution (after-tax Contributions) cap of $110,000 during a 3-year financial period from 1 July 2021. In a series of superannuation measures directed at improving access to home ownership a person aged 65 or over (60 years from. You are correct in that the ‘work test’ has been abolished for most super contributions, which was applicable for individuals between the ages of 65 and 74. 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. Definition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. Work towards a retirement goal. Superannuation is money employers pay eligible workers to provide for their retirement. 2 minutes. How much you can contribute. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. 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. You can contribute to your super if you are over 65, but there are different rules that apply if you are 67 or older. New rules starting 1 January 2023 have lowered the minimum eligibility age to allow people aged 55 and over to access downsizer contributions. The law. Some contractors may also be eligible for super. 65 million. 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. au You should consider your debt levels before adding to your super. 3.