Post-tax superannuation contribution

I am 62 years of age and approaching retirement. I understand that as a result of this year's budget, I will be limited to $150,000 a year on the amount of post-tax superannuation contributions I can accrue. Is there any way I can make a larger contribution? I just received a financial windfall.

Yes. You must be under 65 years of age and will be allowed to bring forward two years worth of contributions. This means that you could contribute up to $450,000 in the 2007-08 financial year; however, you would not be able to make further post-tax contributions until the 2010-11 financial year.

From July 2007, once people turn 65 they will be able to make $150,000 of post-tax contributions each financial year provided they satisfy the work test. If you make the $450,000 contribution at age 63 or 64, you will not be required to meet the existing work test in the two years after you made the contribution.

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