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?
- 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)
- 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)
- 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)
- 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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