Work test repealed for voluntary superannuation contributions
|Date of effect||The first financial year after Royal Assent of the enabling legislation Expected to be 1 July 2022|
- Individuals aged 67 to 74 years will be able to make or receive non-concessional or salary sacrifice superannuation contributions without meeting the work test.
- The contributions are subject to existing contribution caps and include contributions under the bring-forward rule.
- Currently, the ‘work test’ requires individuals aged 67 to 74 years to work at least 40 hours over a 30 day period in a financial year to be able to make voluntary contributions (both concessional and non-concessional) to their superannuation, or receive contributions from their spouse.
- Personal concessional contributions will remain subject to the ‘work test’ for those aged between 67-74.