Age matters for Contributions

There are many different tests in Superannuation based on age, from the contribution caps to the work test, but when is the age measured for these tests?

Time for testing Age for Contribution Caps

  1. 30 June –  for determining access to $ 35,000 Concessional Contributions Cap for the coming year: 59 or over for 2013/14 or 49 or over for 2014/15  (s291.20 –  Income Tax (Transitional Provisions) Act 1997)
  2. 1 July – for determining age for Fund Capped contribution amounts: 64 or less for the 3-Year-Bring-Forward of the Non-Concessional Contributions cap, more than 64 but less than 75 for the Non-Concessional Contributions cap (reg 7.04(3) – Superannuation Industry (Supervision) Regulations 1994)
  3. Any time in the first year – for determining under age 65 for 3-Year Bring-Forward of Non-Concessional Contributions Cap (s292.85(3)(b) – Income Tax Assessment Act 1997)
  4. 30 June – for determining access to Co-Contribution: less than 71 at EOFY for current year (s6.1(e) – Superannuation (Government Co-Contribution for Low Income Earners) Act 2003)

 

Of course a number of other age-based tests, such as attaining age 65, attaining preservation age and other ages for acceptance of contributions aren’t linked to a specific date or time.

 

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