Draft legislation to allow voluntary contributions without work test

The Government has released a draft law to allow people aged 65 and 66 to make voluntary contributions without meeting the work test.

An announcement by Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, said the law would amend the Superannuation Industry (Supervision) Regulations 1994 and would also allow people aged 70 to 74 to receive spouse contributions by increasing the maximum age from 69 to 74.

“In addition, people under 65 years of age can currently make up to three years of non‑concessional contributions under the bring-forward arrangements,” the announcement said.

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“The draft bill would amend the Income Tax Assessment Act 1997 to extend access to the bring‑forward arrangements to people aged 65 and 66.”

Hume said the legislation would allow greater flexibility in how Australians saved as they transitioned to retirement.

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