The ATO has a section on Age Restrictions for Contributions (to superannuation).
It makes the following statement: 'From 2022–23 financial year onwards, your SMSF can accept non-mandated contributions for members under 75 years and there is no requirement to meet the work test.' It also states: For 2022/23 (ages 65-74) all contributions can be accepted.
However, under the ATO section on 'Changes to the work test requirements for superannuation contributions', it states: 'From July 2022 those aged 67 to 74 will need to meet the work test if they wish to claim a personal superannuation deduction for their contribution.'
See also the Explanatory Memorandum to the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021, which states in part: Schedule 4 to the Bill amends the ITAA 1997 to apply the work test to individuals aged between 67 and 75 years who claim a deduction for personal superannuation contributions. This change facilitates the repeal of the existing work test that applies to non-concessional and salary sacrifice contributions.
Q. Is it correct that - to make a personal concessional contribution from July 2022 - and aged b/w 67 and 74 - you must still meet the work test.
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