Making contributions is an obvious way to build up your retirement savings.
You can make a personal or spouse contribution into your AvSuper account at any time (and tell us about it via our online contributions form). However, there are some Government restrictions – for instance, older members need to pass a work test in order to make a contribution.
From 1 July 2020, age restrictions on contributions will be raised, meaning you can continue contributing to your super for longer!
Work test for contributions
The work test means working for at least 40 hours in 30 consecutive days during the current or previous financial year. From 1 July, you can make contributions without meeting the work test until you reach 67 years of age (currently the work test applies from age 65).
Note that once you reach 65 (until 30 June) or 67 (from 1 July), it is easy to confirm you pass the work test – either make the declaration in our contributions form or complete our work test declaration.
Spouse contributions
Did you know that by making a contribution into your spouse’s account you may be eligible for a tax offset of up to $540?
Eligibility rules apply (such as your spouse’s income being under $40,000 and not exceeding their contributions cap) but from 1 July 2020, your spouse can be up to 75 yeas old (currently the offset stops when your spouse reaches 70 years) if they meet the work test.
Of course, if you have any questions about making personal and spouse contributions, please contact our Member Advice Consultants.
Michelle Wade
Chief Executive Officer
