Withdraw and re-contribution

Hi Tony,

I am 60 years old and my husband is 63. Last year (before June 30, 2013), we each put $150K into the non taxable component. Can we withdraw and re-contribute $450K each from our taxable component to non taxable component, or is it limited to only $300K each this year?

What are the conditions required to do this “withdraw and re-contribution”?

We made one large non-concessional contribution many years back. When the ATO first allowed to put $1m, we each put $500k in non-concessional contributions.

We are semi-retired.

A: If you ceased a gainful employment relationship since turning age 60 and if you’re working less than 10 hours per week then under the super laws you will be defined as retired (you’ll need to see what your super fund’s trust deed allows) and therefore allowed to take a lump sum out of super and re-contribute it back into super.


In most other cases you won’t be able to take a lump sum out of super because you’re not retired as understood by the super laws.


Be very careful of the excess contribution rules. You can ask the ATO for a list of what contributions they have recorded against your name and also ask them how a particular contribution you’re thinking of making will be assessed under the various contribution caps.


Kind Regards,



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