Superannuation contribution rules are different if you’re 65 or over.
From age 65, legal restrictions begin to apply to the type of contributions that can be made to a super account. You might be affected by these restrictions depending on how many hours you work.
Restrictions don’t generally apply to contributions an employer is required to make by law or under an industrial award or agreement, for example Superannuation Guarantee Contributions (SGC). However, if you’re aged 65 or over and want to make other contributions into your super account in a financial year, you must be able to show that you have already worked at least 40 hours in a 30 consecutive day period in that financial year. This applies whether the contribution is made by you, your spouse, or your employer.
Whether you’re working or retired, this is a good time to be thinking about your overall financial situation and superannuation account.
AMP has issued letters to clients that may be affected by this ruling. If you don’t respond, or don’t satisfy the contribution eligibility rules, you will no longer be able to make contributions.
As part of managing your financial future, you should regularly review your financial situation and future goals. Your super is an important financial asset. So before making any decisions, we recommend you give us a call – You can have a general discussion with John or Vicki over the phone, or make an appointment to drop in for a coffee/tea and chat.