SuperGuide

Superannuation and retirement planning information

Q&A: If I have $1.9m in my super pension can I still make contributions?

Q&A: If I have $1.9m in my super pension can I still make contributions?

Q: I have $1.9 million in pension. Am I allowed to contribute to my accumulation super accounts? If so, how much can I contribute in terms of concessional contributions and non-concessional contributions? I'm 65 years old and not working now.

A: There are limits which are imposed on making non-concessional contributions, and that restriction is contained within the transfer balance cap rules. What it says is there are limits imposed on making non-concessional contributions when your total super balance at the end of the last financial year is not below the general transfer balance cap, which is currently $1.9 million.

About the author

Garth McNally

Garth has worked in the Australian Superannuation industry for over 20 years with a specific focus on self-managed super funds. He provides ongoing support and training to individuals as well as to professionals working in the superannuation area, including advisers, accountants and lawyers. He is a regular contributor to industry publications and to the leading professional bodies including Chartered Accountants Australia & New Zealand (CA ANZ).

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