If you are aged between 65 and 74, you must satisfy a ‘work test’ to make personal superannuation contributions. You may have heard the work test was to be abolished as part of other superannuation changes, but it has remained in place.
The ‘work test’ requires you to have worked a minimum of 40 hours of ‘gainful employment’ within 30 consecutive days. Investment income, voluntary or charity work do not qualify.
You also must have met the work test prior to making the contribution in the financial year.
If you have any questions as to whether you may have met the test, or how you might meet the test prior to the end of June 2017, please call us on 9499 7444.