Depending on a member’s age, the work test is a key test to be contemplated when making contributions to an SMSF, and SMSF trustees must be satisfied it has been met before accepting contributions. From 1 July 2020, changes have been made to lift the work test to apply from age 67 (previously 65). There is an exemption to the work test available in some circumstances that allows recently retired members to make contributions without needing to satisfy the work rest requirements in the contribution year.
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