Email

admin@superfactory.com.au

Phone

1300 784 749 or (07) 5476 9955

Buderim Mall

13/86 Burnett Street Buderim QLD 4556

Work Test Exemption Change?

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

 

This would enable a 67-year-old to access the three years, 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 to the 30th 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 benefit members of the public!