If your total super balance as at the 30th June of the previous year is greater than $1.6 million you cannot make non-concessional contributions to super.  You will still be able to make concessional contributions up to the annual cap which is currently $25,000.

Furthermore, you may only use $1.6 million of your superannuation balance to start a tax free pension, known as your transfer balance cap.  Any balance over $1.6 million must been retained in your accumulation superannuation where the earnings are taxed at 15%.

Posted on 10/08/2020