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Easing of work Test for new retirees

An exemption from the work test will apply to voluntary superannuation contributions in the first income year after retirement from 1 July 2019. This means that an individual who is over 65 years of age would be able to make voluntary contributions for one more year after they stop working.

However, for an individual to utilise the work test exemption, their Total superannuation balance must be less than $300,000. Originally, the work test exemption would not be allowed to start a "bring forward" three-year contribution. However, the 2018/19 ‘Mid-Year Economic and Fiscal Outlook’ (MYEFO) announcement stated it would be allowed for Year 1.

This is a good opportunity for those looking to retire and have a low superannuation balance. For more information on how this works please give us a call or drop us a message on Facebook.