If you’re aged 65 or over, you must satisfy a work test before making contributions to super.
The work test isn’t onerous. At the time you are contributing, you must have been gainfully employed during the financial year for at least 40 hours over a period of no more than 30 consecutive days.
Gainful employment means you are employed or self-employed for gain or reward in any business trade, profession, vocation, calling, occupation or employment. This means you may be considered gainfully employed if you are in business and paid for gardening, baby sitting, consulting, cleaning and so on.
The 30 days can be any 30 consecutive days within the financial year - they don't have to be in one particular month. It's a minimum requirement. There are no maximum limits to how much you can work.
If you satisfy this work test, it means you are able to contribute to super.
It is important that if you are over age 65 that you consider the work test prior to making any contributions. It is also important that you work the 40 hours prior to making the contribution.
You cannot make the contribution and then set about working the 40 hours.
Always consult your financial adviser before make contributions to superannuation to ensure that you are complying with the current regulations.
If you would like to know more please call me on 07 4771 4577.