New financial year = new super rules.

New financial year = new super rules.

This new 2020/21 financial year sees two main changes to superannuation with pending legislation that may include additional changes that will apply this financial year.  This financial year will see the termination of the work test for individuals 66 and 67 who wish to make personal non-concessional contributions and see an extension of spouse contributions to those aged between 70 to 75 years. Note, we are currently awaiting legislation that will allow for access to the ‘bring forward’ rules.

Termination of the work test for individuals 66 and 67 years old
From 1 July 2020, those under the age of 67 years can make personal contributions without needing to satisfy a work test. In the financial year a person reaches the age of 67, personal contributions can be made prior to reaching 67 years old.

Extension of spouse contributions to those 70 to 75 years old
Until 30 June 2020, it was only possible to make spouse contributions up until the age of 70 years. Between the ages of 65 and 70 years, the spouse was required to meet the work test of 40 hours in 30 consecutive days for the year in which the contribution was made. However, from 1 July 2020 this has now been extended to apply to spouse contributions made between the age of 67 years, and 28 days in the month after the spouse reaches 75 years old, which puts it in line with other personal superannuation contributions. The work test must be met prior to the spouse contributions being made to the fund.

If you would like to know how these new changes apply to you, please get in touch with our team by phone 02 9415 1511 or email


This strategy is not for everyone and has been provided as general information only and prepared without taking into account your financial position, objectives, and needs. You should consider its appropriateness and seek financial advice before making any financial decisions.


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