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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
If i have not been in employment for the last 5 years, and I am under 67 years old can I contribute $1000 from my savings to get the $500 rebate from the government. I’m with Australian super.
Hi Chris. Depending on the sources of income you receive you might not meet what is known as the 10% eligible income test. You can read more about that here.
I am still employed fulltime I will be 68 in just over a months time .i currently salary sacifice 200 a week. If I reduce my hours from 50 to 60 hrs to say 40 hours a week.i would get a part pension because I would just go under the income test. When I stop work and go to age pension, hope does income stream pension affect the pension and also if I work part time how much can I earn regarding the work bonus.
Hi Eric. There are lots of rules surrounding how income streams are treated as it varies according to whether the income stream is a defined benefit income stream, if it is purchased with superannuation money, or purchased with savings. Depending on the type of income stream, when it was purchased and how it is purchased it can be treated in different ways including as an asset and deeming rules applied or in the income test once payments start. Because there are s many variations and we don’t know your circumstances we can’t give a simple answer and recommend you get some advice on this matter.
In terms of the work bonus we wrote about this in this article which might help you.
Regards
Readers may also not be aware that they can still contribute the $25,000.00 concessional amount if they are over 67 either by salary sacrifice or if they pass the work test ie 40 hours in a 30 day period even if they don’t do 40 hours every month as it is not stated that it has to be every month
Hi I just recently contributed $13,000 to my super from my shares, am I eligible for the $500 government rebate? I am 65 years old female still employed and do about 18-20 hours a week
Hi Maria. You meet the age requirements. The key test is whether you also meet the income thresholds. You can find out more about the ATO website here.
I am 72 years
Can I contribute to my súper and get Governnent contribution?
I am still working on a casual basis
Thank you
I Isabel. Unfortunately, it looks as if you have exceeded the age threshold for the co-contribution. You can read more about the conditions the ATO sets here.
i am 75 and work full time i can no longer contribute to my super account only funds from my employer are accepted i just have to se my funds go down in fees etc is this fair placing the money into the bank earns nothing interest