End of year financial contributions
There’s still time to contribute this financial year. Get your contributions in before 28 June. The easiest way to contribute is through BPAY.
work
There are changes that happened around work and super contributions on 1 July 2020 that you may need to know about.
On 1 July 2020 the federal government introduced a one-year exemption from the work test for those aged over 67 with a super balance of under $300,000.
What is the work test?
Under the former rules, once you reached 67 years (but not 75 years) you needed to have worked at least 40 hours within 30 consecutive days in a financial year before your super fund could accept after-tax contributions from you.
What changed?
For the first year that you don’t meet the work test requirement you can still make after-tax contributions to your super. Work-test exempt contributions will be subject to the $100,000 non-concessional (after-tax) cap.
For more information on caps and what they mean, you can read more here.
Why the change?
The reason for the change is so those with lower super balances more time to make contributions to super after they’ve retired and finished working.
Need more info?
Read the 2019/20 Budget fact sheet for details and an example of how it works.
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We're here to help
Need some advice about your super, insurance, or investments? Make an appointment to speak to a HESTA adviser and someone from the team will get in touch with you.