Once you’re 65 years or over, you can only continue to make or receive certain contributions to your super if you meet the work test or can use the work test exemption.
To meet the work test, you must have been gainfully employed (that is, employed or self-employed for gain or reward) during the financial year, for a minimum of 40 hours within 30 consecutive days. This can be any consecutive 30-day period within the financial year. In other words, it doesn’t have to be in the same month so for example, the 30 days can start in January and end in February. It's a minimum requirement. There are no maximum limits to how much you can work.
To meet or use the work test exemption, you must satisfy the following conditions:
- you’ve met the work test in the previous financial year
- you haven’t been, and don’t intend to be, gainfully employed for at least 40 hours within 30 consecutive days in the financial year the contributions are made
- your total superannuation balance with all super providers was below $300,000 at 30 June of the previous financial year, and
- you haven’t previously made contributions to super using the work test exemption.
The government co-contribution scheme is subject to the work test and work test exemption as well as an income test.
The Spouse contribution scheme has age restrictions and the recipient is subject to this work test and work test exemption.
From age 65 and onwards, if you are employed but do not meet the work test or work test exemption, your employer can still make compulsory contributions on your behalf (but not voluntary additional contributions). But you will not be able to make personal contributions or be eligible for the government co-contribution scheme.
It’s important to consider your particular circumstances and read the relevant product disclosure statement before deciding what’s right for you. This information hasn’t taken your circumstances into account.
This information is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.