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Age of member at date of contribution
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Can a regulated superannuation fund accept this contribution?
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< 67
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No age or work restriction applies.
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67 - 69
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Mandated Employer Contributions – including super guarantee (SG),
or
Up to 30 June 2022 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, from1 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.)
From 1 July 2022 individuals aged 67 to 74 will no longer have to meet the work test. But this applies only to member non concessional contributions - not to concessional contributions.
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70 – 74
(Note 1)
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Mandated Employer Contributions – including super guarantee (SG), (See Note 1 & 2)
or
Up to 30 June 2022 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.)
From 1 July 2022 individuals aged 67 to 74 will no longer have to meet the work test. But this applies only to member non concessional contributions - not to concessional contributions.
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75 +
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Mandated Employer Contributions – including super guarantee (SG). (See Note 1 & 2)
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Spouse
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Receiving spouse is less than age 67,
or
Aged 67-74 and has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.
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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 downsizer contributions, but it does apply to CGT small business concessions.
4.) Member contribution amounts are restricted by 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.