Eligibility to contribute (age based)
| Age of member |
Contribution rule |
| Under 65 |
no restrictions. |
| 65 – 69 |
contributions under award or SG. |
|
contributions by or on behalf of
a member allowed when member is gainfully employed at least part time* in the
financial year the contribution is made. |
| 70 – 74 |
contributions made under award. |
|
personal & employer
contributions allowed when member is gainfully employed at least part time*
in the financial year the contribution is made. |
| 75 & over |
contributions made under award. |
* Gainfully employed part time means 40 hours in no more than 30 consecutive days.
Non-concessional contribution caps – 2008/2009
| Age of
member |
Annual cap |
Bring forward option |
| Under 65 |
$150,000 |
Yes up to $450,000
in a three year period
|
| 65 – 74 |
$150,000 |
No |
| 75 and over |
No contributions allowed |
N/A |
Concessional contribution caps – 2008/2009
| Age of
member |
Annual cap |
| Under 50 |
$50,000 |
| 50 and over |
$100,000 |
Government Co-contribution
| Maximum
contribution |
Lower income threshold |
Cut off point |
| $1,500 |
$30,342 |
$60,342 |
The government co-contributes $1.50 for every $1 of personal eligible contributions. It reduces by 5 cents for every $1 of assessable income and reportable fringe benefits over the lower income threshold.
Conditions of release
- Attaining age 65.
- Retirement after preservation age termination of employment and no intention to return to full time employment or part time employment.
- 60 or over and terminated employment after 60.
- Reaching preservation age but not retired – can access funds via a non-commutable income stream only.
- Permanent incapacity (SIS definition).
- Financial hardship or compassionate grounds.
- Permanent departure from Australia – temporary visa holders only.
- Termination of employment – only for restricted non-preserved benefits.
- Terminal medical condition.
Preservation age
| Date of birth |
Age |
Date of birth |
Age |
| Before 1 July 1960 |
55 |
1 July 1962 – 30 June 1963 |
58 |
| 1 July 1960 – 30 June 1961 |
56 |
1 July 1963 – 30 June 1964 |
59 |
| 1 July 1961 – 30 June 1962 |
57 |
After 1 July 1964 |
60 |
|
