In order to contribute to an SMSF, Members over a certain age might have to meet the work test. An age restriction does not apply to your SMSF accepting mandated employer contributions.
From 1/7/2022, SMSFs can accept non-mandated contributions for Members under 75 years without being assessed for the work test.
If you are 75 or older, your SMSF can only accept
The work test requires the Members to be gainfully employed.
Being gainfully employed means working for at least 40 hours during a consecutive 30-day period. This test has to be met each financial year in order to make contributions (both concessional and non-concessional) if Members are over a certain age. Unpaid work is not considered as being gainfully employed.
Pensions can be a complicated area, and for guidance on how to treat different aspects on pensions, please view our pension page.
To see more info on Work Test Exemption, please click here.
Members can use the work test templates below to inform an Accountant, Auditor or the ATO that the work test criteria was met:
See our contributions page for more information on the annual cap limits.
We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
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Shop 1/116 Balcombe Rd, Mentone, VIC 3194
03 9583 9813 or 0411 241 215
admin@superannuationwarehouse.com.au