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SMSF Updates

JobKeeper and work test super contributions

24 Oct, 2020

The Australian Prudential Regulation Authority (APRA) has released guidance on the interaction between JobKeeper payments and satisfying the work test.

The work test provides that individuals aged 67 to 74 years must be gainfully employed on at least a part-time basis in a financial year to make superannuation contributions. APRA views an individual in receipt of the JobKeeper payment to be gainfully employed for the purpose of the work test, even where the individual has been fully stood down or is working reduced hours. This approach is considered appropriate as the individual is still employed and is obtaining a benefit from their employer.

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