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  SuperannuationContributionsAge & Work Test Restrictions      Saturday, 24 August 2019  

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Superannuation Contribution Restrictions - Age & Work Test


   
The Rules from 1 July 2013
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Age of member at date of contribution

Can a regulated superannuation fund accept this contribution?

< 65

No age or work restriction applies.

65 - 69

Mandated Employer Contributions – including super guarantee (SG),

or

Must have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (See definition below).

 

Extended in the regulations, from 1 July 2019, to contributions made in the financial year after they cease to be gainfully employed provided TSB <$300k at end of prior year. (Can only be used once.)

 

70 – 74

(Note 1)

Mandated Employer Contributions – including super guarantee (SG), (See Note 1 & 2)

or

Must have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made. (See definition below).

 

Extended in the regulations, from 1 July 2019, to contributions made in the financial year after they cease to be gainfully employed provided TSB <$300k at end of prior year. (Can only be used once.)

 

 

75 +

Mandated Employer Contributions – including super guarantee (SG). (See Note 1 & 2)

Spouse

Receiving spouse is less than age 65,

or

Aged 65-69 and has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.

SIS Reg 7.04 (see link below)

Notes:

1.) From 1 July 2013 employers cannot avoid paying SG contributions for employees simply because they are age 70 or over.

2.) Age 74 includes during the period 28 days after the end of the month in which the member turns 75.

3.) The above table does not apply to some downsizer and CGT small business concessions.

4.) Member Contribution amounts are also restricted by annual caps.

5.) If a superfund receives a contribution for a member who does not meet the relevant age and work test it must reject it or return it to the payer within 30 days of becoming aware of the breach.

In a SMSF, where all members are also trustees, the ‘ATO view’ is that the 30-day period for returning the contributions, runs from the date the excess contribution is made and not when the trustee first becomes aware of it.


   
1 July 2007 to 30 June 2013
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Exception to age cut-off rules above
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Applicable up to 30 June 2007
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Exception if not yet over age between 10/5/2006 and 5/9/2006
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This page was last edited on 22 March 2019

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