(Yes – Rod Stewart is 73 and still performing)
Superannuation – Understanding the contribution eligibility rules if you’re aged 65 and over:
Restrictions don’t generally apply to contributions an employer is required to make by law or under an
industrial award or agreement, for example Superannuation Guarantee contributions. However, if you’re aged 65 or over and want to make other contributions into your super account in a financial year, you must be able to show that you have already worked at least 40 hours in a 30 consecutive day period in that financial year. This applies whether the contribution is made by you, your spouse, or your employer.
Whether you’re working or retired, this is a good time to be thinking about your overall financial situation and superannuation account. From age 65, legal restrictions begin to apply to the type of contributions that can be made to a super account. You might be affected by these restrictions depending on how many hours you work.
What you need to do:
You need to complete an employment questionnaire and send it back to us by email, mail or fax as soon
as possible. This will allow your Super Fund to accept any future contributions without delay. Alternatively, you can call your Super Fund with this information.
Many Employment Questionnaires have been mailed out recently.
What happens if we don’t hear from you or you don’t satisfy the rules ?
If we don’t hear from you or you don’t satisfy the contribution eligibility rules, you’ll no longer be able
to make contributions. This means your Super fund will cancel any direct debit arrangements we’ve made with you for additional contributions.
If your circumstances change, and you do work 40 hours in a 30 consecutive day period in the financial year and would like to make additional contributions, please call us to let us know. We’ll update your details and make new arrangements so you can begin to make the additional contributions.
Phone or email our office if you would like further information. Sandy 08 9321 2222