The assessment of an accumulation interest in an Australian superannuation fund is dependent on the age of the owner and whether the funds are accessible.
Assessment of accumulation interests in superannuation funds:
- Under Age Pension age: exempt under both the income and assets test. This applies regardless of whether the owner is in receipt of an income support payment or has met a condition of release.
- Age Pension age or over: assessed as a financial investment subject to deeming.
In some cases, a superannuation fund may be exempt where the person is Age Pension age or over but does not have access to the funds. For example, some defined benefit funds do not allow access to funds at age 65 if the person is still an accruing member of the fund. In this case, the person can apply to Centrelink or the Department of Veterans Affairs to have the superannuation fund exempted until the funds are accessible.
Last modified: Tuesday, November 20, 2018