Work test changes

September 18 |  2 min read

When it comes to superannuation, age 65 is pretty important, because it means you have access to all of your super funds.

Though it’s much easier to access your super, it means adding money into your retirement could become a bit more difficult. New regulations that take effect from 1 July 2020 have increased the age for satisfying the “work test” providing more time to grow your and your spouse’ retirement savings.

Work Test and spouse contributions

Once you’ve turned 65 you needed to prove that you meet the “work test” which is working at least 40 hours in a 30-day period in the same financial year that you’re making contributions. The good news is from 1 July 2020 you don’t need to satisfy the work test until you’re 67, giving you another 2 years to build your retirement nest egg. The cut off age for spouse contributions is also changing from 69 to 74.

How can I contribute?

If you want to make a contribution, you can do so via EFT, BPAY or cheque. Click here for instructions.

Just remember that contribution caps still apply to the amount you can pay each year in to your super.

Compulsory super may not be enough for a comfortable retirement. Our retirement calculator can help you work out how much you might need and how much you need to save to reach that goal.

Can you advise me?

Getting advice about your super doesn’t have to be scary. Vision Super’s fully qualified advice team are here to help you on every aspect of your super, from the simplest question through to a comprehensive financial plan. To learn more, head to visionsuper.com.au/advice or call us on 1300 300 820 Monday to Friday 8:30am to 5pm.

 

 


General Advice Warning
This article includes general information and does not contain any personal advice. The information was correct at the time of publication, but may have changed since. It does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you and your personal circumstances before acting on it and, if necessary, you should seek professional financial advice. Before making a decision to invest in any Vision Super product, you should read the appropriate Vision Super Product Disclosure Statement (PDS).

Vision Super Pty Ltd ABN 50 082 924 561, AFSL 225054 RSE Licence L000239 is the Trustee of the Local Authorities Superannuation Fund ABN 24 496 637 884. Level 15, 360 Collins Street, Melbourne VIC 3000. PO Box 18041, Collin Street East VIC 8003.

September 18 |  2 min read

Must Reads

Feature, Fund news, Investments, must read  |  2 min read

Investment update October 2020

The global pandemic has created heightened levels of concern around asset valuations, especially for infrastructure and property assets.

Feature, Fund news, Investments, must read  |  3 min read

Investment update Sept 2020

September saw positive returns as investors continue to adjust to the ‘new normal’ of the Covid-19 affected world.

Investments, must read  |  3 min read

The importance of diversification

The COVID-19 health emergency has already taken a terrible toll around the globe, with the impact on the economy significant. Many are out of work, and with falling financial markets...

Insurance, must read  |  2 min read

The value of insurance

Ever wonder how your family would cope if the unthinkable was to happen? How would you keep your independence, or protect your family. How would you keep your independence, or protect your family if you weren’t able to work?

Build a better future for you and your family

Invest in your future self

Sustainable products, quality advice, education and of course, low fees.

You have options when it comes to saving in your super and drawing from it on retirement. Find out which of our retirement products is most suited to you.

The Latest

Insurance  |  4 min read

Do you have the right type of insurance?

Many Australians who have insurance hold it through their superannuation account. Find out what more about Vision Super's insurance products and how to manage your cover.

Fund news  |  2 min read

Industry fund Vision Super appoints Deputy CEO

Congratulations to Chief Investment Officer Michael Wyrsch who was promoted to the newly-created position of Deputy Chief Executive Officer, for industry super fund Vision Super

Retirement  |  4 min read

Are you retirement ready?

Retirement is the time to start enjoying the money you spent your working life accumulating, and you’ll want to be confident that your money will go the distance. Vision Super can help take the stress out of these major financial decisions. You’ve already chosen us to take care of your super, let us guide you to a comfortable retirement.

Browser
Warning

This website may not render correctly on your version of Internet Explorer. Please download Microsoft Edge to keep browsing securely