Work test requirement removed from 1 July 2022
A new regulation has been made to remove the “work test requirement” when making voluntary contributions to your superannuation. This change will take effect from 1 July 2022.

Currently, if you are aged over 67 and wish to make a voluntary superannuation contribution to your fund, you would need to pass a “work test” which effectively proves you are in gainful employment for a minimum of 40 hours over a 30 day period.

From 1 July 2022, those aged over 67 will be able to make voluntary contributions to their superannuation fund without the requirement for a work test.

However, if you intend to claim a deduction for the contribution, you must still pass a work test.

“Downsizer” age eligibility reduced from 65 to 60 as of 1 July 2022
The downsizer contribution scheme was put in place to allow those aged 65 years or older to make a contribution to their superannuation of up to $300,000 from the proceeds of selling their home. From 1 July 2022, the age eligibility to make these contributions will be reduced to 60.

Superstream requirements
From 1 October 2021, Self-Managed Superannuation Funds are required to use “Superstream” to process rollovers or releases of funds to or from your SMSF.

If you require assistance with ensuring your fund is compliant with this requirement – please feel free to contact us.