Lump sum contributions
Lump Sum Contributions
If you have come into some money, perhaps sold an investment property or received a bonus from your work, you might like to consider topping up your retirement savings with a lump sum deposit. Remember, you can access it as tax-free income once you are over age 60.
Use ASIC’s superannuation calculator to see the difference a lump sum contribution to your super, post tax, can make to your retirement savings.
Lump sum post tax contributions are called non-concessional contributions and limits apply. For 2016/17 the limit is $180,000 per person per annum or $540,000 per person averaged over three years for anyone under 65 years.
It is important to remember that you generally cannot access any money you contribute to super until you reach your preservation age and retire.