I’m just about to get an inheritance. How do I put it in my super?

I am 58, I am single and I earn $ 120,000 a year. I get a legacy in a short time and I want to use it to increase my super to retirement in my 60s. I never made an extra super contribution, just what my employer puts. I know there are limits because you can put it in Super. How much can I deposit?

Given your income level, your employer will contribute to $ 13,800 for more than a year. For this kind of contribution, the current limit (known as privileged) is $ 30,000, so you can not use $ 16.200 and therefore you can be used for you.

If your retirement balance is below $ 500,000 at the beginning of the fiscal year, you can make a capture contributions. They give you the ability to look at the previous five years and use unused privileged contribution limits.

By entering your Mygov account and entering the pension page, you can see how much capacity you have for such contributions.

The contribution of the capture can be deducted from tax, such as the previous $ 16,200 top-up. When revenues come to your super fund, 15 percent will be taxed.

Therefore, it has little value to get taxable income below $ 45,000. Considering that your income is 120,000 dollars, you don’t want to make more than $ 75,000 ($ 120,000 minus $ 45,000) with a taxable supervisor.

Depending on the current contributions, depending on the current contributions, you may want to spread them to two or three financial years.

The second type of retirement contributions known as non -immune contributions are related to the funds that contribute in cases where tax reduction is not requested. The border here is 120,000 dollars a year.

In addition, if you wish, these non -dispute contributions have the ability to make three years in a year, and then it is prevented from contributing more disputes with you in the next two years. This is known as the provisions of “stand out”.