Date of article: 1 July 2022
Last updated: 1 July 2022
The work test requires a person who is aged 67 to 74 years old to meet to work test to be eligible to make voluntary superannuation contributions (both concessional and concessional contributions). To meet the work test, a person must work at least 40 hours in a 30 consecutive day period in the financial year.
From 1 July 2022, the requirement to meet a work test was removed except for persons who wish to claim a deduction for the personal superannuation contribution. This means that if you intent to claim a tax deduction on personal superannuation contributions (concessional contributions), you must meet the work test.
The removal of the work test also means that those aged 67 to 74 can use the bring forward non-concessional contributions rule.
The ability to make non-concessional contribution for a current financial year is still subject to Total superannuation balance as at 30 June of the prior financial year.
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