In order to contribute to an SMSF, Members over a certain age might have to meet the work test. An age restriction does not apply to your SMSF accepting mandated employer contributions.
From 1/7/2022, SMSFs can accept non-mandated contributions for Members under 75 years without being assessed for the work test.
If you are 75 or older, your SMSF can only accept
The work test requires the Members to be gainfully employed.
Being gainfully employed means working for at least 40 hours during a consecutive 30-day period. This test has to be met each financial year in order to make contributions (both concessional and non-concessional) if Members are over a certain age. Unpaid work is not considered as being gainfully employed.
Pensions can be a complicated area, and for guidance on how to treat different aspects on pensions, please view our pension page.
To see more info on Work Test Exemption, please click here.
Members can use the work test templates below to inform an Accountant, Auditor or the ATO that the work test criteria was met:
See our contributions page for more information on the annual cap limits.