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Deposit Lump Sum to Super after age 55

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Jenny, 3rd Aug, 2011.

  1. Jenny

    Jenny Well-Known Member

    Joined:
    15th Aug, 2005
    Posts:
    103
    Location:
    Canberra
    Hello

    Trying to find clear info re transfering lump sums into super when aged 55 - 60 has me stumped. Can any one here help please??

    Cheers
    Jenny
     
  2. Blueskies

    Blueskies Member

    Joined:
    23rd Jul, 2011
    Posts:
    11
    Location:
    NSW
    Hi Jenny,
    There are a number of different methods/opportunities for a person make lump sum contributions to super. The basic methods would be Non Concessional Contributions (NCC) which allow for lump sums of $150,000 per annum however there is also the ability to bring forward three years of NCC's and make and enter $450,000 in one transaction....once exceeding $150,000 in any FYR the 3 year bring forward has commenced and any NCC exceeding a total of 450k will have severe tax penalties imposed. There is also the ability to make Concessional Contributions (CC) this is generally in the form of Superannuation Guarantee Contribution (SGC) or Salary Sacrifice as an employee or Personal Deductible Contributions (PDC) as a substantially self employed person. Then there are other opportunities for persons retiring and disposing of their business. I would suggest that you elaborate on your request in order to be pointed in the correct direction to start your own research. Determining the most appropriate method for you would really require a full understanding of your needs, objectives and circumstances.

    Regards
    Please note this is general information only and is not intended as personal advice, you should always seek advice from a licensed tax professional or Financial Planner before making any decisions.