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#EveryoneNeedsaPlan to Contribute to Super if Aged 67-74 Without Meeting Work Test
Posted by G. Dean McKinnon
on 1 April 2022
Presently, if you are aged between 67 and 74 you are required to satisfy the 'work test' before making certain superannuation contributions. But from 1 July, 2022 the laws have changed and under certain circumstances you will be able to make some types of superannuation contributions without having to satisfy the 'work test'.
To meet the 'work test', depending on your age, the person must be gainfully employed for at least 40 hours during a consecutive 30-day period in the financial year in which the contributions are made, and this is an annual test.
The types of contributions you can make to superannuation without having to satisfy the 'work test' can be complicated and therefore it is recommended you seek advice from a suitably qualified superannuation Specialist.
GDM is a Master Financial Planner with over 30 years experience in all things financial, including superannuation, so do not hesitate to contact us and arrange your free initial appointment to discuss your financial requirements.
To meet the 'work test', depending on your age, the person must be gainfully employed for at least 40 hours during a consecutive 30-day period in the financial year in which the contributions are made, and this is an annual test.
The types of contributions you can make to superannuation without having to satisfy the 'work test' can be complicated and therefore it is recommended you seek advice from a suitably qualified superannuation Specialist.
GDM is a Master Financial Planner with over 30 years experience in all things financial, including superannuation, so do not hesitate to contact us and arrange your free initial appointment to discuss your financial requirements.
Author:G. Dean McKinnon
| Tags:SuperannuationRetirement |
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