Gainful Employment 65 and Over

Asset - Gainful Employment 65 and Over

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The Henry Tax chronicle recommendation whole 20 states "The restriction on population aged 75 years and over from development contributions [for superannuation] should be removed. However, a work test should still apply for population aged 65 and over." So insight the work test is going to become even more leading if the Henry recommendation is adopted and as retirees and others move back into the work force to change assets such as shares, firm real asset or cash into their super.

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So what is the 'work test'? At the risk of appearing too technical, according to Sis Regulations 1.03 and 7.01(3) 'gainfully employed' means employed or self-employed; for at least 40 hours in a duration of not more than 30 consecutive days in that financial year; for gain or reward in any business, trade, profession, vocation, calling, career or employment. The thought of 'gain or reward' envisages receipt of remuneration such as wages or wages, firm income, bonuses, commissions, fees or gratuities, in return for personal exertion.

Case law has thought about that a person who is employed for revenue of a non-monetary nature is gainfully employed, and that the receipt of, for example, rent-free accommodation is capable of being an earning. Additionally, an investor who was actively complicated in the letting and administration of five rental properties he owned was gainfully employed. In this case the investor was held to be self-employed, and thus gainfully employed.

There is more case law with added examples. So to be sure you understand the work test and the implications as they chronicle to you personally, please call Andrew of The Self-Managed Super Specialists on 1300 587 673.

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