Age of member at date of contribution	Can a regulated superannuation fund accept this contribution?
< 65	No age or work restriction applies.
65 - 69	Mandated Employer Contributions – including super guarantee (SG),                                       or Must have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.  (See definition below).
70 – 74 (Note 1)	Mandated Employer Contributions – excluding super guarantee (SG), (See Note 3)                                       or Must have been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.  (See definition below).
75 +	Mandated Employer Contributions – excluding super guarantee (SG). (See Note 3)
Spouse	Receiving spouse is less than age 65,                                       or Aged 65-69 and has been gainfully employed on at least a part-time basis during the financial year in which the contributions are made.

SIS Reg 7.04 (see link below)

 

Notes:

 

1.) Age 74 includes during the period 28 days after the end of the month in which the member turns 75

2.) If a superfund receives a contribution for a member who does not meet the relevant age and work test it must reject it or return it to the payer within 30 days of becoming aware of the breach.

3.) From 1 July 2013 the SG contribution age limit of 70 years will be removed.

 

In a SMSF, where all members are also trustees, the ‘ATO view’ is that the 30 day period for returning the contributions, runs from the date the excess contribution is made and not when the trustee first becomes aware of it. 

 

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