Contributing to my SMSF after I turn 65
Life is not over at 65. Many people are still working, and life events means you may inherit money from your parents or sell a business or sell your home and downsize after the kids have left home. Topping up your super is an important consideration as you start to wind down from the accumulation phase.
What type of superannuation contributions can be made to my SMSF when I am over the age of 65?
Being over 65 does not prevent a self-managed super fund (SMSF) receiving any type of contribution allowable under the superannuation laws and regulations and taxation laws but there are some restrictions. The major types of contributions that can be made include:
- employer or salary sacrificed concessional contributions for a SMSF member who is still working
- member concessional contributions
- CGT small business contributions
- downsizer contribution
- non-concessional contributions
Special rules allow a SMSF member to:
- bring forward non-concessional contributions over a maximum period of 3 years
- utilise carry forward unused concessional contributions without exceeding the contribution cap
- For more information see our resources page helping you understand the Contribution Caps
What are some of the restrictions?
- The work test – claiming member superannuation contributions as a deduction
A SMSF member between the ages of 65 and 66 do not need to meet the work test to claim a superannuation contribution deduction in their personal tax return.
A SMSF member who is 67 years of age and up to and including 28 days after the month in which they turn 75 must meet the work test.
The test can be met at any time during the year when the contribution is made, and the member must be gainfully employed for 40 hours in any consecutive 30-day period. Essentially a member who is working full time or part time will generally qualify as being gainfully employed. A director of a company who is paid for their duties as a director will qualify as an employee. Gainful employment can also include members who are self-employed or receiving commissions or gratuities. Voluntary or charitable work is not usually eligible.
Alternatively, if the SMSF member meets the once off work test exemption they may be eligible to claim a personal tax deduction provided:
- the “work test” was met in the previous year
- the SMSF member’s total superannuation balance on 30 June of the previous year was less than $300,000
- Age restriction
Contributions cannot be accepted by a SMSF after 28 days in the month after a member turns 75 per the SIS Regulations except for downsizer and compulsory superannuation contributions (includes guarantee contributions (SGC)) which can continue to be made.
- Utilising the bring forward rule
To illustrate the use of this rule, refer to the example below.
Example – Max had a total superannuation balance (TSB) of $1,000,000 at 30 June 2024. He turns 75 on 2nd June 2025. He has not previously triggered the bring forward rule and is not making any other non-concessional contributions to his SMSF in the 2025 year. He is expecting a large inheritance from his brother’s estate and wants to maximise his non-concessional contributions to his SMSF. He intends to contribute $360,000 before 30th June 2025. As he was under 75 at the 1st July 2024 he can utilise the bring forward rule and the SMSF trustee can accept it as it was made before the 29th of July 2025.
If instead (and assuming there are no changes to the TSB cap) the contribution was delayed until the 5th July 2025 he cannot utilise the bring forward rule as he was over 75 at 1st July 2025. However, he is eligible to make a non-concessional contribution, but he would be limited to the cap of $120,000 (assuming no changes for 2026 year) and his TSB remained below $1.9million at 30 June 2025.
A different result if Max triggered the bring forward rule on the 25th June 2025 by contributing $130,000. He is eligible to trigger the bring forward rule as he was under 75 on 1st July 2024. He can complete the bring forward arrangement by contributing non concessional contributions of $230,000 prior to 29th July 2025.