I am 70, and have ceased full time work last year.
I am going to continue to work on my ABN as a consultant.
Will I still be able to make concessional contributions to my SMSF of upto $25K?
A: Yes, up until age 75, provided you are gainfully employed and at least a part-time basis (the so called “work test”). The relevant definitions are:
“ a person is gainfully employed on a part-time basis during a financial year if the person was gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year.”
“gainfully employed means employed or self‑employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment.”
