Work Test Exemption Change?

Jane Hume, assistant Minister for Superannuation, Financial Services and Financial Technology confirmed on 20 February 2020 that the work test exemption would be extended to age 67 years prior to 30 June 2020.

This would enable a 67 year old to access the three year bring forward trigger for non-concessional contributions up to $300,000. It is important that members who are currently 65 and thinking of implementing the bring forward strategy hold off until closer the 30 June 2020 as you may be able to contribute $100,000 in 2020, $100,000 in 2021 and then $300,000 in 2022.

Finally, a change of government regulations that actually benefits members of the public!

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