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Transfers from foreign superannuation schemes are contributions

Section: 2.15

Transfers originating from outside the Australian super system, such as a transfer from an overseas super fund, are treated under SIS as contributions which are subject to contribution rules.

Comment:

If the member is age 65 or over, they will need to meet the work test (or work test exemption) to make transfers from outside the Australian super system. If the member is age 75 or over, they will not be able to make a transfer from outside the Australian super system, regardless of their work status

2019 Federal Budget proposal

No work test for voluntary contributions extended to age 66: Effective 1 July 2020

The Government proposed to amend the superannuation contribution rules to allow people age 65 and 66 to make voluntary member and voluntary employer contributions to superannuation without meeting the work test.

At the time of writing, this proposal is not yet law.

Last modified: Tuesday, July 23, 2019