You can contribute to your super between age 65 and 74 if you satisfied the Work Test last financial year. This is known as the Work Test Exemption (WTE). The WTE can only be used for one financial year, which means it can't be used to contribute to different funds in different years.

The WTE is designed to help older Australians catch up with super savings so they can improve their retirement. You will need to have a balance of under $300,000 (across all your super funds if you have more than one) at the end of the previous financial year. 

This means that from 1 July 2019, if you met the Work Test for the financial year ended 30 June 2019 (and have under $300,000 across all funds), you will have an extra 12 months to contribute without needing to meet the Work Test for the financial year ended 30 June 2020. 

What is the Work Test? 

The Work Test means that, if you're aged 65 to 74, you must be gainfully employed for at least 40 hours in a 30-consecutive-day period in a financial year to make voluntary contributions to super.

The contribution must also be received by the fund within 28 days after the end of the month you turn 75 years old. So, if your birthday is in October (any day), the contribution must be received by the 28th of November.

What contribution caps apply?

The existing concessional (before tax) contribution cap of $25,000 and non-concessional (after tax) contribution cap of $100,000 apply. 

Next steps

If you think you've met the WTE and would like to contribute to your super, please call us on 1800 222 071 between 8am and 8pm (AEST/AEDT) weekdays.