Thank you very much for your thorough analysis of the budget impacts on super. I am hoping that you maybe able to answer my question below.
I’m retired (genuinely not working) and currently 63 years young. I have all my super in pension phase and below the proposed $1.6m cap. I have maxed out on my NCC by being in excess of the $500,000 over the period from 1/7/2007 through to Budget night 2016. Is there anyway I can make concessional contributions to take advantage of the $35,000 per year between now and July next year?
A: The answer is yes, if you are an unsupported person and under age 65 (for example, a retiree that only has passive income), then you can make a concessional contribution and claim a tax deduction.
For you, the cap will be $35,000. I hope this helps.
