If you’re aged 65 or over, you must satisfy a work test before making contributions to super. The work test isn’t onerous. A separate work test, applicable to Australians of all ages, is also required if you plan to take advantage of the co-contribution scheme.
The following articles refer to Work test and superannuation.
Q: Under the 2-year bring-forward of non-concessional contributions, if a person makes a contribution of $150,001 when age 64, he can continue to contribute the balance of the $450,000 anytime during the next 2 years without having to satisfying the work test, is that right?
The short answer is no, even [...]
Q: If you turn 65 and retire after 1 July 2009, can you still make the $450,000 bring-forward non-concessional contribution as long as it’s before June 30th 2010? Or do you have to satisfy the work test to do so?
Trish’s response: For the benefit of other readers, I’ll first explain [...]
Q: If I have retired from work and later on inherit a reasonable sum of cash, can I make a non-concessional contribution into my superannuation fund? OR is that only permitted while I am working, regardless of my age?
Trish’s response: For the benefit of other readers, I will first explain the meaning of a non-concessional [...]
Q: I have an investment unit. I would like to keep this unit as long as possible. The unit is a safe income stream and is a safe haven against a possible outbreak of hyperinflation (all this printed money may eventually generate inflation). However, if I have to sell it later, [...]
Q: My wife (age 63) and myself (age 65) have a small business. I was told by an organisation that at 65 or over I could put money into super, pay 15% tax on the way in and then draw it out when I wished and pay no tax. In fact I have been told [...]
Answer: The answer is no if you’re under the age of 65. Anyone under the age of 65 can make super contributions whether they are working, rearing children, looking after a sick partner, recovering from illness or on an extended holiday.
If you are aged 65 or over then you must [...]
Anyone under the age of 65 can make super contributions without having to satisfy a work test. If you’re aged 65 or over, however, you’re subject to additional rules when making super contributions.
Here are ten tips to help you understand the super contribution rules for over-65s.
Anyone aged 65 or over must satisfy a work test, [...]
Q: I wonder if you have any more information on the Government’s recent changes to the minimum drawing requirements (see ‘Relief in hard times for retirees’)? I understand that in January, the Government halved the rate at which a pension must be drawn from a fund in pension stage, i.e. 4% [...]
Millions of words have been written about the Global Financial Crisis, but very few practical words have been devoted to the plight of retirees, soon-to-be-retirees and those Australians planning ahead for their retirement.
Note: The pension relief explained below now also applies for the 2009/10 year. You can find more information on the 2009/10 pension relief in the article Pension drawdown relief extended for 2009/10 year.
The Federal Government has announced temporary relief for Australians drawing down on superannuation pensions for the 2008/09 year.
On 18 [...]
Member of two funds is OK
Q: I retired at 55 and I started my Public Sector Superannuation pension. I am now 58. Could I start another super fund, such as a DIY super fund?
The fact that a person is receiving a PSS pension, or is a member of any other [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more
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