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Old 08-10-2019, 07:49 PM
Dennis
Dazzled by the Cosmos.

Dennis is offline
 
Join Date: May 2005
Location: Brisbane
Posts: 11,704
Quote:
Originally Posted by bojan View Post
I wonder if it is good idea to move the cash into Super ?

What is the cap?
The last time I looked at this, once you reach 65, you cannot make super contributions without meeting the ‘work test’ (need to work for a minimum of 40 hours in any 30 consecutive day period to make voluntary contributions to your super account).

However, the government announced before the May 2019 budget that the ‘work test’ in superannuation will no longer apply between the ages of 65 and 67 from 1st July 2020. This legislation has not yet been passed.

If you meet all the conditions, I understand this will allow you to make non-concessional contributions of up to three times the normal annual cap (currently $100,000), so the bring-forward amount is $100,000 x 3 = $300,000.

However, things may have changed...

Cheers

Dennis