I am 62 years old and retired from work. Can I still make contributions to my super fund or do I have to work in order to make contributions?
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Answer by Neha Sharma, Hillsdale 2036 NSW
- In Australia any person aged less than 65 years of age can make contributions to their super fund regardless of their employment status. Contributions of this nature made after retirement from work are called non-concessional contributions and you cannot claim a tax deduction on them.
- Anyone aged between 65 and 74 however must satisfy a work test to be eligible for making super contributions. This means a person must have worked 40 hours over a 30 day period in that financial year on at least a part time basis.
- Persons aged 75 years and over cannot make contributions to their super.