They need to be reported to the Australian Taxation Office since the ATO uses them to calculate tax concessions, taxes, Centrelink benefits, and a range of other thresholds. This is the maximum you can contribute in any one financial year. the higher income threshold was set at $15,000 above the lower income threshold. To reduce an employee's assessable income through salary sacrificing, the arrangement must be considered 'effective'. If you took all the above steps and want to request a reduction in the resulting SGC liability, phone us on 13 10 20. Your total superannuation balance at 30 June 2021 was less than $1,600,000. The tax paid on your super contributions generally depends on whether: the contributions are out of your before-tax or post-tax income. Payments from super. you are aged less than 65 years. On this page. the matching rate was set at 50%. You must report extra super contributions you make for your employees to the ATO. You can boost your retirement savings by making voluntary super contributions, such as by: setting up a salary sacrifice arrangement with your employer. It is generally taxed at a lower rate than your regular income. Your SMSF must lodge an. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. gov. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. When a super due date falls on a weekend or public holiday, your contribution must be received by the fund on or before the next business day. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. 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. which employees are eligible for super contributions? YES/NO. Hybrid super funds. Our tax return instructions show you can amend your return to claim the. Super investment options. If you reach your preservation age and withdraw super before turning 60, you pay tax on the taxable components of your payments. any personal contributions you made that you’ve advised. Payments from super. Contributions caps. To exclude the amount from your non-concessional contributions cap and have it count towards your CGT cap amount instead, you must notify the fund using the CGT cap election form . How much you can contribute. Payments from super. Claiming deductions for personal super contributions. This change will help address the $5 billion a year scourge of unpaid super by making it easier for workers to keep track of payments and for the Australian Taxation Office (ATO) to monitor compliance. Low income super tax offset. Say from 2018-19 to 2021-22, your concessional contributions amounted to $15,000. 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 $858From 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 minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). If you use any unused concessional contribution cap amounts and your total super balance just before the start of the financial year is $500,000 or more, you may receive an excess concessional contributions notification from the ATO. Once the contribution is made, you will have the option of claiming it as a tax deduction. The default assumptions in this calculator are based on Treasury’s long-term retirement income models. . If you have more than one super fund, all your. Tax and restrictions on contributions. DECEMBER 2022 Page 1 of 4 Claiming a tax deduction for personal super contributions CLAIM A TAX DEDUCTION 1 Complete the Notice of intent form on pages 3 and 4. Salary sacrifice (pre-tax) contributions; Contributions to super that you then claim a tax deduction for via your income tax return. super fund details before making a super contribution. There are other eligibility criteria you must meet. The Super guarantee (SG) contributions calculator tool helps you work out the superannuation guarantee amount to pay to your employee's super fund. The 12% employer super contributions are not reportable because the employees have no influence over the contribution rate. 28 April 2024. Eligibility. Government super contributions. Module 3: Setting up super for your employees. AustralianSuper doesn’t accept liability for any loss or damage caused by use of the QuickSuper service and doesn’t receive any commissions from Westpac if employers use this service. The Government will also set public targets for the ATO on. au Your entitlement to super as a worker, how to make extra voluntary contributions, and how to keep track of your super. the time they lodge their personal income tax return for the financial year during which the contribution was made. gov. b. Request to adjust concessional contributions. gov. Find out more. 3 min read. If you do not, it will be recorded. You will be asked questions about the nature of the work arrangement. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. the tax-free and taxable components of the super. About downsizer contributions. When and how you can transfer or roll over your super to another fund, and how to consolidate multiple super accounts. au/forms Annual contributions limits apply – see page 4. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. You were under 71 years old on 30 June 2022. A: As someone with close to $2 million in super, the maximum annual amount of concessional contributions you and an employer can make on your behalf without any penalties applying is $27,500. 7 million. However, this figure is indexed by CPI and the ATO has confirmed. Before-tax contributions are generally taxed at 15%, unless you: earn more than $250,000 p. Step 2: Collect employee information. Medicare and private health insurance. 2. Contributing more than the caps to your super may mean having to pay extra tax. If you do claim it as a tax deduction, the contribution will be recorded as a concessional contribution. the higher income threshold was set at $15,000 above the lower income threshold. nominal interest of 10% per annum (accrues from the start of the relevant quarter) an administration fee of $20 per employee, per quarter. You can check your employer is paying your super by: using ATO online services through myGov or the ATO app to see contributions your employer has made to your super fund; contacting your employer to ask how much they've paid. Whether you’re paying super weekly, monthly, or quarterly, it’s important to check that you’ve applied the correct rate. Employer contributions. If Jenny and Tom’s house sold for $400,000, they could each contribute $200,000 to their super. 5% in 2022–23). super contributions You may be able to claim a tax deduction for any personal super contributions on your next income tax return. concessional) rate of tax. salary and wages to work out the super guarantee charge. Insurance premiums are contributions. $27,500. haven’t given your TFN to your super fund. The 12% employer super contributions are not reportable because the employees have no influence over the contribution rate. you pay 15% tax; $250,000 p. Super paid after a person's death is called a 'super death benefit'. 1. Paying your employees the right amount of super. Use this decision tool to check if you need to make super guarantee (SG) contributions for any individuals you employ. At the end of the income year, ABC includes $8,700 on Pieter’s payment summary as reportable employer super contributions: The super guarantee amount of $5,700 is not included anywhere on the payment summary. Employers need to make super guarantee (SG) contributions to an employee's super fund for every quarter and ensure that they are received by the fund by the following dates: Quarter 1 (July–September) – due 28 October. Concessional contributions can come from several sources, these being from your employer, from pre-tax salary. Payments from super. A member who. The exception is downsizer contributions, which you could make if you were 65 years or older. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. Your employer is required to make SG contributions into your super account of $3,780 ($36,000 x 10. If you' are unsure if you’re a member of one of these funds, contact your super fund. Estimating your super. your fund can't accept personal contributions. Check your super has been paid. You can contribute a total of up to $27,500 (concessional contributions cap) before tax each financial year from 1 July 2021. Super co-contribution calculator. 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. Unused cap amounts can be carried forward for up to five years before they expire. It still applies if you want to claim a personal super contribution deduction. Terms and. 7 million in super on June 30 of the previous financial year. tax that has been withheld. Each spouse can contribute up to $300,000. Adding to your super. 6 million on 30 June of the year. Super guarantee. The super capital gains tax cap is a lifetime limit. Contributions caps. Contributions made by an employer that are personal contributions. Module 6: Correcting late super payments. au/super TAX 1 Plus Medicare levy. The scheme allows you to make voluntary contributions (both before-tax concessional and after-tax non-concessional) into your super fund to save for your first home. Medicare and private health insurance. 7 million cap. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. An eligible, active super account is one that: is held by a living person. At Prepare return, select 'Add/Edit' at the Income tests banner. Employment termination. Once we receive your form, we’ll write to you to confirm the amount you. the maximum co-contribution entitlement was set at $500. You did not exceed your non-concessional contribution cap. How much super to pay for contractors. If employees do have the power to vary their employer contribution rate, the amounts over any compulsory contributions made will be reportable employer super contributions. How the super co-contribution scheme helps low or middle-income earners boost their retirement savings. Employers must provide a payment reference number with each payment to a fund – at USI (unique superannuation identifier) level – to enable automated reconciliation of payment and data. If you have paid super guarantee late, you are: required to lodge an SGC statement; liable to pay the super guarantee charge (SGC). This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. General concessional contributions cap. Super guarantee contributions for quarter 3, 2023–24 (1 January – 31 March 2024) to be made to the fund. The FHSS scheme allows you to save money for your first home in your super fund. Payments from super. Instructions; More information 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. Super contributions. Calculation. How To Claim The Superannuation Co-contribution. Instructions; More informationIf you were under 67 years of age during the financial years 2020–21 and 2021–22, your fund could accept all types of contributions. for personal super contributions visit the Australian Taxation Office (ATO) website at ato. Claiming a tax deduction on your after-tax contribution essentially changes it to a before-tax contribution. Contributions for spouses or children. SuperStream transmits money and information consistently across the super system – between employers, funds, service. Division 293 tax may reduce the tax concession on super contributions for individuals. Make sure your super fund has your tax file number (TFN). Reportable superannuation contributions are contributions made into superannuation over and above mandated super contributions. contributions you make to a foreign super fund for super benefits for an employee where the employee is a temporary resident when the contribution is made payments you make to a retirement savings account held by an employee. She made a personal contribution of $10,000 to her super. you're a high-income earner. (provided the ATO is a linked service), as well as your. Ordinary time earnings are what you earn for your ordinary hours of work. Source:. Adjustments. If you have exceeded your concessional contributions caps. Employer contributions. You can choose to make personal super contributions to save for your retirement. If you've confirmed your super hasn't been paid correctly and completed all of the checks in the above steps, you can report your employer using our online tool. phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment). 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. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement. you exceed the concessional or non-concessional contribution caps. APRA regulated funds report contributions to the ATO when received and 30 June balances by 31 October, and the ATO will make the determination following receipt of this information. Opinion. cannot be used as a contribution for the current quarter or future quarter's super contributions. phone 1800 199 010 between 8:00 am and 6:00 pm, Monday to Friday (local time), except national public holidays. From 1 July 2017 to 30 June 2021, the concessional contribution cap for each year was $25,000. For a member turning 75, contributions must be received no later than 28 days after the end of the month they turn 75. An assessment by the ATO of an excess non-concessional contribution will provide you with two options. You must have provided your super fund with your tax. It includes information sourced from: the income tax returns of individuals, companies, super funds, partnerships and trusts. Contributions you can make as a retiree (by age) 1. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution) arranging for your spouse to. That is, the amount that is additional to the minimum contributions Johnson Pty. as a primary locator to link contributions and rollovers with member accounts and to locate member accounts. your spouse. For more information on the option to 'bring forward' non-concessional contributions over a three year period, refer to the ATO website at ato. The fundamentals behind the ‘carry forward’ unused cap rules are outlined below. 3. Individuals can re-contribute amounts they withdrew under the COVID-19 early release of super. the most recent 30 June balances reported by your super funds. Start the course now. Your total income for 2021–22, was less than $56,112. gov. This contribution is a legislative requirement payable by all employers. Step 2: Apply that proportion to calculate the tax-free component of Peter’s lump sum as follows: $50,000 x 25% – $12,500. Personal superannuation contribution deduction – notice of intent to claim (NOI) Adding to your super. For more information on Treasury’s. To claim a deduction, you must first give your super fund or RSA provider a valid notice of intent and receive an acknowledgment form from your. 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. You must have a nominated (default) super fund and pay your employees super into this fund if: your employees do not choose a fund, or are not eligible to choose one, and. You should also contact your super fund to discuss: the contributions that were made; how a contribution cap was exceeded. For quarters beginning on or after 1 January 2020, a salary-sacrificed contribution cannot be offset against the SGC. You must pay SG contributions by the quarterly due dates – 28 days after the end of each quarter to avoid the SG charge. Work through the 8 modules in the order listed below: Module 1: Overview of superannuation. SG contributions should be paid to one of the following: Employee's chosen fund Employee's stapled super fund Other fund that meets your choice of fund obligations. a. Income. Check which earnings qualify for super and use the super guarantee calculator to work out the amount. If you have a tax file number (TFN) you can make personal super contributions into a super fund of your choice and you may: be able to claim a tax deduction for your super contributions; be eligible for the low-income super tax offset; be eligible for the super co-contribution on contributions you don't claim a deduction for The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. By registering with these funds, you agree to. Offer employees a choice of super fund and keep records that show you've done this. These concessional contributions are taxed in the super fund at a rate of 15%, which is generally less than your marginal tax rate. You should be eligible for a Government co-contribution as long as: your total income for the 2023-24 financial year is less than $58,445But once you have a ‘total super balance’ of $1,700,000 you cannot make any further aftertax (non-concessional) contributions. Your total super balance needs to be less than $500,000 on 30 June of the previous financial year. Your total superannuation balance at 30 June 2021 was less than $1,600,000. Super contributions to defined benefit and constitutionally protected funds. Even if you outsource some parts of making super contributions, you're still responsible for ensuring your employees' super contributions are paid correctly. An LPO can only be used for contributions paid before you receive an SGC assessment. A concessional contribution is defined as a contribution to your super fund before tax. If you require tailored technical and interpretative assistance relating to super matters for a specific individual or group of taxpayers, you can contact us by: secure mail for business. Estimated employer SG based on Income. your total super balance, which is relevant to how some key superannuation rules apply to you. Superannuation is money employers pay eligible workers to provide for their retirement. DECEMBER 2022 Page 1 of 4 Claiming a tax deduction for personal super contributions CLAIM A TAX DEDUCTION 1 Complete the Notice of intent form on pages 3 and 4. The super. The limits are called 'contribution caps': Personal contributions you are allowed as an income tax deduction count toward your concessional contributions cap. Contributions for spouses or children. The SGC is made up of: super guarantee shortfall including. A concessional contribution is defined as a contribution to your super fund before tax. However, there are certain circumstances where you can contribute more than $27,500 in one year. For more information, see: Non-concessional contributions cap. Only self-managed superannuation funds (SMSFs) can use the Self-managed superannuation fund annual return 2021. 4. Complete the Application – excess contributions determination (NAT 71333) if: you believe your super contributions have, or will, exceed a contributions cap due to special circumstances, and. Funds must allocate contributions to a member’s account within three business days. 6 million. 2022-23. DinahUse the Super guarantee opt out for high income earners with multiple employers form (NAT 75067) to apply for a SG employer shortfall exemption certificate. This is now reviewed annually to remain in line with average weekly ordinary time earnings (AWOTE). There are some exceptions. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. From this tax, there. You must enter the amounts of your: personal super. Find out about caps on contributions to defined benefit funds and constitutionally protected (CPF) funds. Contributing more than the caps to your super may mean having to pay extra tax. Why and how to pay yourself super. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. Contributing more than the caps to your super may mean having to pay extra tax. 3 min read. The timing of employer deductions for contributions through the clearing house is discussed in Practical Compliance Guideline (PCG) 2020/6 Timing of income tax deductions for superannuation contributions made through the Small Business Superannuation Clearing House - ATO compliance approach has now been finalised and published. Provide employees' TFNs to their funds. About the non-concessional contributions cap. Maximum after-tax. If an employee doesn’t provide you with the correct details, or the fund can’t accept your contributions, you will need to request their stapled super fund details from the ATO. Before claiming a deduction for personal super contributions, you should consider the impacts on your super. 6 million on 30 June of the year before. If you're over 65, you can make a one-off post-tax contribution of up to $300,000 into your super using the money received from selling your home. Carmel and Adam are married and living together. Information you need before using the tool. Older super fund members who want to make a large non-concessional contribution into their super account can now do so from 1 July 2022, after the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 became law. Personal contributions – deductions. After-tax super contributions are a great way to invest the extra money from a pay rise, bonus or inheritance. The minimum super you must pay is the super guarantee percentage of the worker's ordinary time earnings. If possible, try to resolve your complaint by discussing it with your employer before reporting them. 1 April – 30 June. the higher income threshold was set at $15,000 above the lower income threshold. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. Division 293 tax is charged at 15% of the excess over the threshold or the taxable super contributions, whichever is less. Step 3. you exceed the concessional or non-concessional contribution caps. You may be able to elect to receive a late payment offset (LPO). The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. 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. Lodge an amendment if any of the following apply to you: Senior Australian or pensioner tax offset. The super guarantee charge (SGC) applies when employers don’t pay the minimum amount of super guarantee (SG) for their eligible employees to the correct fund by the due date. The non-concessional contributions cap is the maximum amount of after-tax contributions you can contribute to your super each year without contributions being subject to extra tax. Most SMSFs use provisions in their trust deeds concerning contribution reserves to. Your total income for 2021–22, was less than $56,112. How to use the SGC statement and calculator tool. 7 million. The requirement to pay excess contributions tax will depend on which contribution cap you exceeded and whether or not you chose to withdraw the excess contributions from superannuation. Non-employer contributions. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. Source: ato. Step 1: Add up the reportable employer superannuation contributions amounts shown at question IT2 – label T on your spouse’s tax return. See full list on ato. gov. 2 million to the Australian Taxation Office (ATO) in 2023–24. The SG rate on the date the salary is paid applies. Request to adjust concessional contributions. After-tax contributions. Some super funds require employers to contribute monthly. You can now: view your super fund accounts and balances, and amounts held by us; find lost and ATO-held super and. If you're 55 or over, you might be able to add up to $300,000 to your super tax-free when selling a property you've lived in. Such contributions are the. Only self-managed superannuation funds (SMSFs) can use the Self-managed superannuation fund annual return 2021. Some unfunded defined benefit funds require you to contribute a percentage of your salary to your super. Use ATO online services to keep track of your super, including accounts you may have forgotten or lost touch with. gov. This includes: $27. Eligible low-income earners with an adjusted taxable income of $37,000 or less receive a LISTO contribution to their super fund of 15% of their total concessional. If you have already lodged your tax return with the incorrect information, you may need to lodge an amendment request. If not: contributions are taxed an additional 34%. Division 293 tax is an additional tax on super contributions, reducing the tax concession for individuals whose combined income and concessional contributions for Division 293 purposes is more than $250,000. Why and how to pay yourself super. Those are: the SG rate increased from 10% to 10. Step 4: Report unpaid super. If they wanted to add more to Jenny’s super, they could split the contributions by adding $300,000 to Jenny’s super and $100,000 to Tom’s super. Complete sections A, B and C of your Voluntary release authority and statement for excess contributions tax form and send it to the super fund you nominate in section B. The minimum SG is calculated as a percentage of each eligible employee’s earnings (ordinary time earnings) to a complying super fund or retirement savings account (RSA). These myTax 2021 instructions will help you if you made an eligible personal super contribution (not including amounts which you are claiming as a deduction). The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. From the 2017–18 financial year, the. Reportable superannuation contributions are extra money that you or your employer have paid into your super in addition to the mandatory super payments. 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. You can check your employer is paying your super by: using ATO online services through myGov or the ATO app to see contributions your employer has made to your super fund; contacting your employer to ask how much they've paid and to which fund. You did not exceed your non-concessional contribution cap. bring-forward arrangement for non-concessional contributions; total super balance. go over the concessional contributions cap. Before 2020–21, the age limit for accepting all types of contributions was 65 years old. This is known as catch-up concessional contributions. If your employee's details are incorrect, their super fund may:. If your income and concessional super contributions total more than $250,000, check if you have to pay Division 293 tax. the maximum co-contribution entitlement was set at $500. Contributions you make to your spouse's super are treated as their non-concessional contributions, whether or. super. You only need to do this if you missed paying the minimum super guarantee contribution. However, super contributions you make for an associate of an employee are subject to FBT. Contribution caps are the limits on how much you can pay. The super fund pays the $47,000 to the ATO in compliance. /Individuals/Super/Growing-your-super/Adding-to-your-superReportable super contributions – the sum of. You can add to your super with extra contributions from your take-home pay or savings. If your total income is between $43,445 and $58,445 in the 2023/24 financial year, your maximum entitlement will reduce progressively as your. How super fund members can claim or vary a deduction for personal contributions made after 1 July 2007 (NAT 71121). Super may be taxed at 3 points in its life cycle: on contributions on the investment earnings in the fund, which in the accumulation phase are taxed at 15% retirement phase. Step 1: Complete the Notice of intent to claim a tax deduction for personal super contributions form. Before-tax super contributions cap. It's important you lodge a return even if you don't think you will get a refund. You may be able to claim a tax offset of up to $540 per year if you make a super contribution on behalf of your spouse (married or de facto) if their income is below $40,000. The ATO sends an excess non-concessional contributions tax release authority to Vinnie's super fund instructing them to release $47,000 from his super. You can now: view your super fund accounts and balances, and amounts held by us; find lost and ATO-held super and. Super contributions to defined benefit and constitutionally protected funds. 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. Division 293 tax. Find out what amounts you need to include in which worksheets. the taxable value of the car fringe benefit will be $7,000 (which is the cost of the car multiplied by the statutory rate, in this case $35,000 × 0. The ATO website is getting a refresh soon. To be eligible to make catch-up concessional contributions the following must apply, noting that catch-up concessional contributions can be made on top of the annual concessional contributions cap ($27,500). What is the right way to notify my super fund that I want to contribute a carry-forward contribution for amounts still available from the 2018-19 financial year? I called my super fund about this and they advised me to fill out a 'Notice of intent to claim a deduction for personal super contributions' form for both 2018-19 and 2019-20 with the amounts. or more you pay 30% tax. Last modified: 02 Aug 2023 QC 73085. From 1 November 2021, you may need to request ‘stapled super fund’ details from the Australian Taxation Office (ATO) where an employee doesn’t choose a super fund; pay super contributions for eligible employees four times a year, by the quarterly due dates, or more frequently if. For 2023/24 the maximum superannuation contribution base is $62,270 per quarter. Division 293 tax. To manage super in your ATO online account follow these steps: Australian Taxation Office You can check your super balances, find lost super, compare super. Manage reportable super contributions . Your Total Super Balance (TSB) must be under $500,000 as at 30 June in the previous financial year. 18 years or older, you pay it regardless of how many hours they work. To be eligible to make catch-up CCs, one criteria is your total super balance must be below $500,000 at the prior 30 June. the contributions are out of your before-tax or post-tax income. Learn about your super guarantee employer obligations by completing our online course. 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. The notices contain details of super co-contribution or low income super tax offset (LISTO) payments to be recovered from. Generally, if your income plus super contributions is: under $250,000 p. These are generally: any contributions your employer made for you, including any salary sacrifice contributions. Reportable super contributions are extra payments to your super that are more than those your employer must make. it will be harder to keep track of your super. For more information, see: Non-concessional contributions cap. Tax offsets. 7 million in 2022-23 and $1. From 1 July 2020 to 30 June 2022, if you were aged 67 to 74 and your TSB was below $300,000 at the end of the previous year, you can make voluntary super contributions for 12 months from the end of the financial year in which you last met the work test. If the stapled super fund account provided by us can't accept contributions for the employee, you should make another request for the employee’s stapled super fund via ATO online services. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. If Jenny and Tom’s house sold for $400,000, they could each contribute $200,000 to their super.