If you're over 65, you can make a one-off post-tax contribution of up to. $110,000 per year. I turned 65 Sept, 2019 and retired April, 2020, but still do relief work in my field so could satisfy a work test. And they might also charge interest on that tax. Common Reporting Standard. Insurance on inactive super accounts. 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. Age 65 is a condition of. Downsizing Your Home And Superannuation. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. Find out about the impacts for APRA-regulated funds. Individuals and agents can complete a super search by phoning our automated super search line on 13 28 65. An employee may ask you to deduct extra super from their pre-tax income, and pay it into their super fund. have a total super balance below $300,000 and have met the work test in the previous financial year, (known as the work-test exemption – which can only be applied in one financial year); *Age 75 is defined as 28 days after. Find out more at ato. 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. Check 4: Check if you have multiple super accounts and consider. Common conditions of release. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. Your super fund will require a declaration. subject to the annual concessional contributions cap. 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. 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. Before you start, here are some things to think about: How much you can spare to contribute to your super. - is aged 65 or over or - has reached preservation age (see table below) and has retired from the workforce • your full account balanceExample: Taxed and tax-free proportions on super income stream. In turn, we recommend that you talk to your fund. Downsizer super contributions. Contributing more than the caps to your super may mean having to pay extra tax. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. you have not made a request to transfer ATO-held super to your preferred super fund. Retirement phase. the day the member lodges the tax return for the year in which the contributions were made; the last day of the financial year after the financial year in which the member. 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. If your goal is for your spouse to have a super account balance of $1. Most people can choose which super fund they'd like their super contributions paid into. Enter Income (including any salary sacrifice amounts) 2. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. As Fred’s total super balance on 30 June 2023 is below $1. Thankfully, the ATO has a calculator you can use to find out how much you're entitled to, based on your income. SuperStream for employers; SuperStream for SMSFs ; SuperStream for APRA-regulated funds; Online services. The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. Understand super basics. change jobs or are retrenched. Transition to retirement income streams (TRIS) are available to assist members to gradually move to retirement by accessing a limited amount of super. We assume that contributions made to super are limited to your applicable concessional and non-concessional contribution caps. Your options from the ATO include: Withdraw the excess contribution and earnings. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. 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. a. 9 million in July 2023. 18 years or older, you pay it regardless of how many hours they work. Super contributions after turning 65. The actual amount you receive depends on your income and the size of your personal super. 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. If you have a total superannuation balance which is equal or more than the general Transfer Balance Cap on 30 June of the previous. 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. your total super balance, which is relevant to how some key superannuation rules apply to you. Making super contributions is one of the simplest ways to improve your final retirement balance and reduce your tax bill. 9 million in 2023–24. 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. 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. 7 million on 30 June of the financial year before the one in which you want to make your contribution. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. 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. gov. Also, by claiming the contribution as a tax deduction, the net tax saving will be $1,950. In addition, your lifetime super contributions or Total Super Balance (TSB) must not exceed $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. You need to contribute before the end of the financial year, which is 30 June 2023. Early access to super. Getting a top-up from your spouse; Looking into the government co-contribution or low income super tax offset (LISTO). If you are over age 67, the rules relating to how much you can contribute to super are based on the type of contribution, your age. In some situations you may be able to roll. Your spouse must be either, under the age of 65 or, if aged between 65 and 69, meet the work test requirements. From 1 July 2018 the downsizer super contribution will allow eligible Australians over the age of 65 to direct some of the proceeds from the sale of a long-held home into their super. the most recent 30 June balances reported by your super funds. Under the ASFA Retirement Standard, a comfortable lifestyle enables a retiree. Concessional contributions and catch-up provisions The annual concessional contributions (CC) cap of $27,500 is available to clients under 67, or age 67-74 andThe most common conditions of release are that the member: has reached their preservation age and retires. retire or. Last modified: 30 Aug 2023 QC 65745. Income thresholds. This. a1. 2 minutes. When she dies, Anna is receiving an account-based super income stream. Franking credit refunds. 4 Based on 2019/20 tax rates. Because, while withdrawals from super are tax-free once you reach age 60, it. Option one allows you to withdraw the excess contributions and 85 per cent of “associated earnings”. An award is a legal document that outlines the minimum employment pay rate and conditions in a specific industry. for people over 18, contributions by. 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. Be prepared to provide the following information upon request: your personal details. 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). Even a little bit extra can make a big difference over time. Check if you have to pay super for your employees, including contractors and workers under 18. 2 million for consultation and co-design. You can view details of your super accounts including: super accounts you may have lost track of and any ATO-held super. Before you get too excited, a heads up. Find out when you can access your super. Welcome to our Community. ATO-held super; Unclaimed super for 65 years of age or over. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. I am over 75 years of age. 1. This change, combined with the proposals regarding the removal of the work test and ability to use the bring-forward rule later in life, will broaden the ability of SMSFs to contribute proceeds to superannuation. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. 5% x $400,000 (on their full salary if that is their salary). This is between 55 and 60, depending on when you were born. 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. This is the maximum amount you are able to contribute to super in one. Annual contribution caps (limits) put a lid on the amount you can contribute each financial year, but can be flexible if you’re able to use the carry forward or bring forward rules. 20 June 2023. The law. contributions are made in excess of the concessional cap for the year. If the money is savings for example, she can transfer the entire $330,000 in one transaction. 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 lower age limit (55 years) is based on your age when you make the contribution and there is no upper age limit. To be eligible to make after-tax contributions, you must have less than $1. Concessional Contribution Limits. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. As of 17 April 2020, these calculators will use a single set of assumptions. 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. Personal super contributions. The maximum amount you can contribute is not affected by your total super balance. How much you can contribute. 18 for each dollar the receiving spouse’s income is over the low-income threshold. visa holder status (if applicable)Residents Below 65. 2 Australian Retirement Trust is generally unable to accept personal contributions if you’re aged 75 years or older. Aged under 75*. Adding to your super. gov. The significance of age 67 is that from 30 June 2020, anyone under that age who wishes to make a contribution to super can do so without having to satisfy a gainfully employed work test, a concession that was previously only available to those under 65. 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. The minimum super contribution for Sue for the pay period is: $3,000 × 11% = $330. 2 million for consultation and co-design. 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. Where possible, we will notify you if we do this. If you go over your limit for before-tax super contributions, the Australian Taxation Office (ATO) will: Check all your super funds; Check your tax return; Decide whether you need to pay extra tax. 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. If you are a low or middle-income earner and make a personal after-tax. your fund can't accept personal contributions. Contributions made prior to 1 July. Superannuation is money employers pay eligible workers to provide for their retirement. If you're over 65, you can make a one-off post-tax contribution of up to. The SG rate on the date the salary is paid applies. Strategy 1: Make a spouse contribution, get a tax offset. Turn your super or other savings into a guaranteed income when you retire. part-time. The age restriction for the bring-forward measure extends from under 67 to under 75 after 1 July 2022. The SGC rate increases from 10% to 10. employer. Your options from the ATO include: Withdraw the excess contribution and earnings. contributions are made in excess of the concessional cap for the year. Generally speaking, from 1 July 2022, you’re eligible to receive super from your employer if you are aged over 18. The non-concessional contribution cap is $110,000. This means the first $18,200 you’ll receive won’t be taxed, saving you more money annually because your total taxable income has been reduced. QC 23234. Key takeaways: Concessional contributions are contributions made into your super before-tax. A super income stream is when you withdraw your money as small regular payments over a long period of time. How super is taxed. The 5 steps you must take as an employer to set up your business so you can pay your employees' super. The Government will also set public targets for the ATO on. Estimated employer SG based on Income. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. The Senior Australians and Pensioners Tax Offset (SAPTO) won’t shower you in riches. 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. Find out about. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. 48 million . Nil if your Total Super Balance is greater than the transfer balance cap ($1. For eligibility criteria visit ato. other amounts paid by your employer to your super fund, such as administration fees and insurance. Non-Concessional Contribution Cap. Work out how much your contributions may benefit your super balance. The annual cap is currently $100,000. For those earning more than $250,000, an additional 15% tax may be payable on some or all your concessional contributions. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. These rules allow you to make up to three years of non-concessional contributions in a single. The tax rate depends on your income plus your before-tax super contributions. If you’re a retiree with retirement. You can get your super when you retire and reach your 'preservation age'. 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. 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 $858Contributions you can make as a retiree (by age) 1. Read more about superannuation rules for people over age 65 years. The tax rate for non. 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. 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. 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. Setting up SuperStream to process superannuation data and payments electronically. The age-based limit of 65 years old has changed to the. 48 million (from 1 July 2021, and $1. This means that the maximum that can be contributed into your super account as a concessional contribution each year is $27,500. On this page. Australians 65 years and over can make a non-concessional (after-tax) contribution into their superannuation up to $300,000 from the proceeds of selling the family home — as long as they’ve owned the property for at least 10 years. 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. There are caps on the amount you can contribute to your super each financial year to be taxed at lower rates. 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. Super funds are transferred into the retirement phase when a member starts a super income stream (or pension). During 2018/19 $10,000 in before-tax (concessional) contributions were paid to her super account. Super is important for you, because the more you save, the more money you will have for your retirement. This amount is based on ATO’s income tax rate table for individuals. 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. SUPERANNUATION WORK TEST REQUIREMENT AND “RESERVED” CONTRIBUTIONS. 0. rolled over the contributions or if HESTA has started paying a super income stream using any of the contribution. Adding to your super. To meet the work test you. Eligibility age. Some ways to boost your super include:. Super co-contribution. 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. She decides to take out a $40,000 lump sum to pay for home improvements. All types of concessional contributions count towards this cap. The beginning of a financial year is 1 July and the end is 30 June. Strategy 2: Split your super contributions. Each spouse can contribute up to $300,000. Related article: Contributing to Super Over 65. The low-rate cap is a limit on the amount that can be taxed at the concessional super rate of 15%. 7 million on 30 June of the financial. This information should be included on your payslips. Sam, who is 40, decides to make a Non-Concessional. Making a downsizer contribution involves selling your home and contributing up to $300,000 into your super ($600,000 for a couple), if you meet all the eligibility rules. You can put a lump sum of at least $110,000 into superannuation, which is the general non-concessional contribution cap. Where possible, we will notify you if we do this. Once you reach age 75, you cannot make Non Concessional Personal Contributions to your SMSF regardless of whether you satisfy the Work Test. 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. You can also access your super: when you turn 65 years old. Yes. The non-concessional contributions cap for the 2023/24 financial year is $110,000 p. total super balance at 30 June of the previous financial year is less than $500,000. For self-managed super fund trustees, July 1 will usher in a new era. The amount can be any amount between $20 and $1000. Government co-contribution. Certain employer termination payments (ETPs) received by the fund before 1 July 2004 may also be included in this category of benefits. reaching age 65, ceasing a gainful employment. concessional contributions. 7 million in retirement phase super accounts. The lower age limit (55 years) is based on your age when you make the contribution and there is no upper age limit. If you are aged between 67 and 74, you can only make Non Concessional Contributions into your SMSF if you satisfy all of the following eligibility criteria: 1. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. 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. gov. LCR 2016/10: Superannuation reform: defined benefit income streams – non commutable, lifetime pensions and lifetime annuities. As someone with less than $1. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and. Say you made CCs of $27,000 in 2017-18 and after receiving an excess concessional contributions determination from the ATO did not elect to withdraw 85 per cent of the excess, i. $100,000 per member per annum. If you’re between 65 and 74 and still working, the rules around employer-paid super contributions don’t change. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. is available from the Australian Taxation Office (ATO) at ato. If you have more than $1. au. Treasury Laws Amendment (2021 Measures No. If you don’t have an online account, you can register for online access in a couple of easy steps. NGS Super Opportunities and limits for super contributions 2 Boost your super. 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. Tax on Super Withdrawals Over 60. For the 2014 income year, the maximum contribution base is $48,040 per quarter. From 1 July 2018, people aged 65 and older can make a non-concessional (post-tax) superannuation contribution of up to $300,000 from the proceeds of selling their home. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. Some contractors may also be eligible for super. 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. Notice of intent (NOI) to claim or vary a deduction for personal super. 1. Payments from super. Your accumulation account with this. The sum of these amounts ($267,500) is over the Division 293 threshold of $250,000, but only by $17,500. 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. 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. Topping up your spouse’s super account is a great way to build the nest egg you will both get to share and enjoy during your retirement years. Work towards a retirement goal. They will be able to advise you if they. gov. You may have to pay more tax if you exceeded the non-concessional contributions cap. Reg 9 Reg 10 2015-16 reg EM “Income” for the purposes of the income test is not simply taxable income. This means that members can top. Or when you reach age 65, even if you are still working. the maximum co-contribution entitlement was set at $500. There is a non-concessional contribution cap too, which, for people under 75 is $110,000 a year and up to three years of annual caps ($330,000) under bring-forward rules if you’re. No allowance has been made for contributions made over these. This limit is called the maximum super contribution base. The Australian super system helps. 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. Age 65 or over. It is generally taxed at a lower rate than your regular income. Outside of super, cover generally continues as long as you pay the premiums. Super Contributions Over 65. Retirement income and tax. 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. If you are under 67, the Australian Taxation. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. Income thresholds. The SG rate increased to 11% on 1 July 2023. Individuals over 65 meeting the work test can make voluntary contributions to superannuation any time from the age of 65 until the 28th day of the month following the member’s 75th birthday. If you are turning 75 during a financial year, you can make a non-concessional contribution on or before the day that is 28 days after the end of the month in which you turn 75. You both need to be Australian residents at the time you make the contribution. For a couple, this is up to $600,000 combined. Learn more about accessing your super by reaching age 60 and ceasing employment. Super is a great way to save money for your retirement. They must pay out a member's benefits when they reach 65 years old, and they cannot pay a pension. The bring-forward rules apply to non-concessional contributions only. Some of the eligibility criteria you must satisfy before making. She still has the flexibility to withdraw. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. On 1 January 2023, the age when eligible Australians qualify to make downsizer contributions was reduced from 60 to 55. You don't have to cash out your super just because you've reached a certain age. ; Each contribution must meet the first two restrictions. Your total super balance must be less than $500,000 at 30 June before the year in which you wish to make the extra contribution. To learn more about how this works, the ATO. 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. Another way to add to your super fund is to make a one-off contribution of up to $300,000 from the sale of your home. g. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility Decision Tool. From the 2022-23 financial year, the work test was abolished for members up to age 74 years. The super co-contribution scheme is designed to help low and middle-income earners boost their retirement savings by providing an additional payment from the government (up to $500) for personal (after-tax) super contributions you make yourself. Superannuation and relationship breakdown. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you’re 60 or older. Changes to genuine redundancy and early retirement scheme payments. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. 6 million, there are a few things that you will potentially want to know about. 7 million. An income stream is either: account-based – the income stream is paid from a super account held in the member’s name. If you do not receive super contributions or the amounts are incorrect: contact your employer and request an update; report it to us. the most recent 30 June balances reported by your super funds. When contributions should be returned; Contributions a fund must not accept; Restitution for mistake; Reporting contributions received; For your self-managed super fund. This cap is indexed annually and is $1,650,000 for 2022–23. 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. your employer's contribution, salary sacrifice contributions and contributions by a self-employed person claiming a tax deduction) will count as income. Calculation of contributions tax, including standard contributions tax and Division 293 tax for high income earners. These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. 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. 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. In the wake of the COVID-19 pandemic, the government has temporarily reduced super pension minimum drawdown rates for 2019–20. 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. 15% contributions tax. See downsizer super contributions on the ATO website. The most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. Originally the minimum age was 65, but this has progressively been lowered to age 55. Understanding the difference between concessional and non-concessional contributions and how they work is key to making the most of your super. Australians proceeding overseas have two broad options when it comes to superannuation. The default settings are set to a level estimated by ASFA* for what might be needed for a comfortable lifestyle in retirement. A super income stream (also known as a super pension or annuity) is a series of periodic payments to a member. Find out the income you'll get from super. Maximum offset amount is reduced by $0. ASIC is simplifying the superannuation and retirement planner calculators while undertaking a scheduled review of assumptions. The work test is defined as working at least 40 hours over a 30 consecutive. 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. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. The current SG contribution rate is 11% of your earnings up to a certain limit. Depending on your age you can also utilise the bring-forward arrangements. You can only make a Non Concessional Contribution of up to $220,000 during the 2022 Financial Year. Non-concessional. three years of annual caps ($330,000) under bring-forward rules if you’re eligible**. Division 293 tax may reduce the tax concession on super contributions for individuals. au Additional tax and super considerations There are other circumstances that can affect how much you can contribute and the amount of tax you pay on your super, including spouse contributions offsets and downsizer contribution measures. Consolidate all your super. The person’s spouse may also be eligible to contribute up to $300,000 if they are 65 or older. Between 1 July 2020 and 30 June 2022, you could accept. As at 1 July 2021, your annual non-concessional cap is $110,000. First of all, f rom 1 July 2019, recent retirees aged 65 to 66 with total superannuation balances below $300,000 will be eligible to make voluntary contributions for an additional financial year regardless of work test. The work test was changed on 1 July 2022. The Government will also set public targets for the ATO on. Refer to the Super Savings Accumulation Guide for more information.