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How to grow your super after retirement

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Just because you've retired doesn't mean you can't continue to grow your super nest-egg. For example, you may come into additional funds, such as an inheritance or from selling your family home.

Contributing this to super can be a tax-effective way to grow your retirement savings.

Additional contributions

You can make additional contributions to your super even after you retire.

If you are under 75 years old, you can make non-concessional contributions without having to meet the work test or work test exemption. If your total superannuation balance is less than $1.9 million, you can make after-tax (non-concessional) contributions of up to $120,000 per year.

Additionally, members under 75 with a total super balance under $1.66 million can bring forward their non-concessional contribution cap over three years.

Total Super balance at 30 June 2024 Non-concessional contributions cap/bring forward rules
$1.9 million or more $0, no bring forward
$1.78 million to less than $1.9 million $120,000, no bring forward period
$1.66 million to less than $1.78 million $240,000, two-year bring forward period
Less than $1.66 million $360,000 three-year bring forward period


Downsizer contributions

If you are 55 years or older, you may be able to contribute up to $300,000 from the sale or part-sale of your home.

The home must have been owned by you or your spouse for at least 10 years, and the disposal must be exempt or partially exempt from capital gains tax (CGT). You also cannot have made a downsizer contribution from the sale of another home or part-sale of a home previously.

Before making this contribution, you must provide your fund with the ATO’s Downsizer contributions into super form. Downsiser contributions must be made within 90 days of receiving the proceeds of sale.

Additional tax on super balances exceeding $3 million

The government has proposed an additional tax on members whose total superannuation balance (including super and pension accounts) exceeds $3 million.

The changes are proposed to apply from 1 July 2025. Whether or not you will be subject to the new tax depends on your total super balance at the end of the financial year. Earnings relating to total superannuation balances below the $3 million threshold will continue to be taxed at 15% in a super account or 0% in an account-based pension accounts. Earnings (including unrealised capital gains) corresponding to the proportion of an individual’s superannuation balance that is greater than $3 million will be taxed at an additional 15%.

It is certainly possible to continue to grow your super after retirement. Making additional non-concessional contributions or a downsizer contribution are two ways to do this. But be aware of the proposed tax changes for individuals with total super balances above $3 million.

Further information

For further information please speak to your financial adviser or call us on 1800 022 033 during business hours (Sydney time).

However, as a general starting point, you can use the Money Smart calculator to work out:

  • How long your account-based pension will last
  • How investment returns will affect your pension balance

Read more retirement articles here.

This information has been prepared by Perpetual Superannuation Limited (PSL) ABN 84 008 416 831, AFSL 225246, RSE L0003315 as trustee of the Perpetual’s Select Superannuation Fund (ABN 51 068 260 563) and Perpetual WealthFocus Superannuation Fund (ABN 41 772 007 500). It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. Any tax information contained in this article is not tax advice (and should not be relied on as such) and is believed to be accurate at the time of compilation. You should consider, with a financial adviser, whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. The Product Disclosure Statement (PDS) for the relevant Fund, issued by PSL, should be considered before deciding whether to acquire or hold units in any of the options. The PDSs and Target Market Determinations can be obtained by calling 1800 022 033 or visiting our website www.perpetual.com.au. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund/option or the return of an investor’s capital.