Acceptance of superannuation contribution
Before making a contribution, there are rules which must be met, based on your age and the contributor. Should we become aware that a contribution fails to meet these rules, the contribution will be returned within 30 days and may be adjusted for certain costs to us and for any investment fluctuation.
The table below outlines the age-based requirements that must be met in order for us to accept contributions for you. These restrictions depend on your age and the type of contribution.
1These contributions can be accepted if they are received within 28 days after the end of the month in which you reached age 75 and you have met the work related test in the year the contribution is made.
Notes:
- The work related test requires you to be gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in the financial year in which the contribution is made. This test must be met before we can accept a relevant contribution for you. However, the work test does not apply to First Home Saver Account payments.
- Mandated contributions are contributions that your employer is required to make on your behalf under Superannuation Guarantee legislation or under an agreement certified, or award made, by an industrial authority. Superannuation Guarantee obligations cease at age 70.
Once you have reached age 65, we require you to send us a written declaration confirming that you are eligible to contribute in a particular financial year before we can accept contributions for you in that year.
