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[av_heading heading=’Superannuation work test changes to start on 1 July’ tag=’h1′ link_apply=” link=’manually,http://’ link_target=” style=’blockquote modern-quote modern-centered’ size=’6vw’ subheading_active=’subheading_below’ subheading_size=’20’ margin=’0′ margin_sync=’true’ padding=’0′ color=’custom-color-heading’ custom_font=’#000000′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-kaymb4k4′ custom_class=” admin_preview_bg=’rgb(34, 34, 34)’][/av_heading]

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The work test for voluntary concessional and non-concessional contributions will be pushed out to 67 and the age limit for spouse contributions lifted to 74 from 1 July 2020 after enabling regulations were registered late last week.

The Superannuation Legislation Amendment (2020 Measures No 1) Regulations 2020 amend the Superannuation Industry (Supervision) (SIS) Regulations to allow people aged 65 and 66 to make voluntary super contributions without meeting the work test, while also increasing the age limit for spouse contributions from the current level of 69.

The changes were first put forward by the government as part of the 2019 federal budget and then introduced into parliament in March of this year.
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Source: selfmanagedsuper
Disclaimer: This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. The Content provided herein has been prepared for informational purposes only. The Content does not constitute tax, legal or accounting advice and should not be relied upon as such. You should seek tax, legal or accounting advice before acting or relying on any Content.

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