Why making extra super contributions may not be helpful. A voluntary after-tax contribution to your super is a simple and effective way of growing your super. Contact Us. 6 An exemption from the work test is available to eligible retirees which may allow you to make voluntary contributions to your super without the need to satisfy the work test. Personal superannuation contributions can be claimed as a tax deduction. 180 1599 Call us 8am-5pm Monday to Friday. Hi @Williamsdc . I'm trying to figure out what is the maximum I could make in voluntary contributions. Changes came into effect in 2017-18 where now no matter your age, you can contribute up to $25,000 per year into your superannuation at the concessional rate including: Voluntary Contributions Choice Super Housing Advance Discount Program. FAQs Contact. If you are 75 and older, you are not eligible to make after-tax contributions. Until 1 July 2017, there was a restriction on employees – known as the 10% rule – which prevented tax deductible super contribution claims unless less than 10% of income was from employment-related activities. Support. If you claim a tax deduction on a personal contribution, then the contribution is counted as a concessional (before-tax) contribution. But after running some modelling on my own situation, I’ll still avoid making extra super contributions for the following reasons: 1. If you’re considering voluntary super contributions through salary sacrifice (where you choose to contribute a portion of your pre-tax income), or after-tax super contributions (such as cash from an inheritance or property), you must be under 75 years of age and meet specific requirements under the work test or work test exemption. Box 483, Port Moresby, 121, National Capital District, Papua New Guinea There's a table on the ATO site listing $25k as the concessional contribution cap for 2018-19. The concessional contributions cap is the amount of tax you can contribute to your super account at the concessional tax rate of 15%, which is a nice low rate of tax. Are these voluntary contributions classified as "concessional contributions"? If you are age 64 or under in this Financial Year (FY) and have little to no balance inside super (i.e. To learn more about after-tax contributions, visit the ATO website. Call Centre: 180 1599 Fax: +675 32144046 Head Office: Level 2, Deloitte Haus, Port Moresby Postal Address: P.O. Personal super contributions are also tax deductible, as long as you meet the eligibility criteria (listed on the ATO website) and are under the super contribution limits. If you are between 67 and 74 years old, you must fulfill a work test that shows you were employed for at least 40 hours over a consecutive 30-day period before you can make voluntary super contributions. 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