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  • JCMB Consulting

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From a superannuation perspective, the budget was all positive, particularly to members age 65 and 66 who will be able to continue to contribute without meeting the work test, effective 1 July 2020.

The following extract is from the NTAA Budget Summary:
 
Removing the work test for those aged 65 and 66 years
 
The Government has announced that it will allow voluntary superannuation contributions (both concessional and non-concessional) to be made by those aged 65 and 66 years without meeting the work test from 1 July 2020 (ie the 2021 income year).
Currently, people aged 65 to 74 years can generally only make voluntary contributions if they satisfy the work test (ie a person is gainfully employed for at least 40 hours in a consecutive 30-day period in the year in which the contribution is made)
 
Access to the bring forward rule for those aged 65 and 66 years
 
The Government has announced that it will allow those aged 65 and 66 to make up to 3 years of non-concessional contributions under the bring-forward rule (without satisfying the work test).
Under current law, broadly those aged 65 and over cannot access the bring-forward arrangements.
 
Increasing the age limit for spouse contributions
 
Individuals up to and including the age of 74 will be able to receive spouse contributions (with those 65 and 66 no longer needing to meet the work test).
Currently, those aged 70 and over cannot receive spouse contributions.
For the full analysis of the budget please refer to the attached NTAA summary, link below:

NTAA Summary

 

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JCMB Consulting Pty Ltd
PO Box 480, Inverloch, VIC 3996


 
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Michele Beattie – Principal


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