Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Schedule 4—Work test reforms for superannuation contributions

Schedule 4 Work test reforms for superannuation contributions

   

Income Tax Assessment Act 1997

1  Before subsection 290-165(1)

Insert:

Condition if you are under 18

2  After subsection 290-165(1)

Insert:

Work test condition for ages 67 to 75

          (1A)  If you made the contribution during the period starting on the day you turn 67 and ending on the day that is 28 days after the end of the month in which you turn 75:

                     (a)  you must have been * gainfully employed for at least 40 hours in any period of 30 consecutive days during the income year in which the contribution was made; or

                     (b)  if you do not satisfy paragraph (a)—you must satisfy the following requirements:

                              (i)  you were gainfully employed for at least 40 hours in any period of 30 consecutive days during the income year (the previous income year ) ending before the income year in which the contribution was made;

                             (ii)  you had a * total superannuation balance of less than $300,000 at the end of the previous income year;

                            (iii)  you have not deducted a contribution in the previous income year or any earlier income years on the basis of satisfying the requirements in this paragraph;

                            (iv)  no contribution made by you, or in respect of you, in the previous income year or any earlier income years, was accepted by a * superannuation fund or an * RSA under a prescribed provision of regulations made for the purposes of the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997 .

Maximum age condition

3  Subsection 290-165(2)

Omit “In any other case, you must have made the contribution on or before”, substitute “You cannot deduct the contribution if it is made after”.

4  Paragraph 292-85(3)(c)

Omit “67”, substitute “75”.

5  Application of amendments

The amendments made by this Schedule apply in relation to contributions made on or after 1 July 2022.