NEW WORK TEST EXEMPTION (WTE)
By Colin Lewis, Head of Technical Services If you’re aged 65 to 74 and retired in 2018/19, you may be able to contribute this financial year even though you’re not working. Normally, you must meet the ‘work test’ to contribute, i.e. be gainfully employed for 40 hours in a 30 consecutive day period. If you’re […]
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IS A TRANSITION TO RETIREMENT INCOME STREAM STILL WORTHWHILE?
By Colin Lewis, Head of Technical Services A transition to retirement income stream (TRIS) provides access to your superannuation whilst still working once you reach preservation age. TRISs were introduced by the Howard Government back in 2005 to help people ‘transition into retirement’ by allowing them to use their preserved super to supplement their reduced […]
FEDERAL BUDGET 2019
By Colin Lewis, Head of Technical Services How sweet it is with an election looming! The measures announced this Budget are proposals only and must go through Parliament to become law. Accordingly, it may take a newly elected Coalition government to get these measures through – and they’re counting on this Budget to help them […]
SUPER’S NEW WORK TEST EXEMPTION
By Colin Lewis, Head of Technical Services The Australian superannuation system is designed around saving for retirement. The ‘sole purpose test’ – a cornerstone of super law that drives this position – ensures that a super fund is maintained for the purpose of providing benefits to members upon their retirement, or attaining age 65, or for beneficiaries […]