Work test repealed for voluntary superannuation contributions.
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 (deductible) concessional contributions will remain subject to the ‘work test’ for those aged between 67-74.