Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Act 2022 (10 of 2022)

Schedule 4   Work test reforms for superannuation contributions

Income Tax Assessment Act 1997

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 theSuperannuation Industry (Supervision) Act 1993 or theRetirement Savings Accounts Act 1997.

Maximum age condition