The Government announced recently that superannuation rules will no longer require an individual age 67 to 74 to meet the Work Test to be able to contribute to super.
This means that individuals aged 67 to 74 will also be able to make non-concessional contributions or salary sacrifice contributions without meeting the Work Test.
Importantly however, individuals aged 67 to 74 must still meet the Work Test when making a personal deductible contribution designed to offset a realised capital gain. In this instance, there is no change to the Work Test definition, which requires individuals to work 40 hours in 30 consecutive days in the financial year in which the contribution is made.
The above Work Test changes are set to take affect from 1 July 2022.
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