Draft legislation to make super more flexible for older people released

The Government has released draft legislation which it says will make superannuation more flexible for older Australians, by changing the work test, bring-forward rule, and spouse contributions. Under the proposed changes, released for consultation, people aged 65 and 66 won’t need to meet the ‘work test’ to make voluntary super contributions. Also, the non-concessional contribution… Continue reading Draft legislation to make super more flexible for older people released

12 month superannuation work test exemption to apply from 1 July 2019

Older Australians will have a limited exemption from the superannuation ‘work test’, with the Government making regulations to implement the measure. The ‘work test’ limits the ability of older people to make superannuation contributions to those that are working more than a certain amount. The Coalition had announced the complete repeal of the work test… Continue reading 12 month superannuation work test exemption to apply from 1 July 2019

One year superannuation work test exemption draft legislation released

The Government has released draft legislation and regulations for the proposed one year exemption to the ‘work test’. People aged 65 to 74 are restricted from making voluntary superannuation contributions, unless they pass the so-called work test of at least 40 hours gainful employment in 30 consecutive days in the relevant financial year. The Government… Continue reading One year superannuation work test exemption draft legislation released

Work Test for superannuation contributions

The ability of people aged 65 and over to make personal contributions or non-super guarantee contributions is limited by what is referred to as the ‘work test’. The work test is created by regulation 7.04 of the Superannuation Industry (Supervision) Regulations 1994 – which sets out the requirements for a super fund to accept contributions.… Continue reading Work Test for superannuation contributions