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Document: Incorporation by Reference (IBR) Booklet

Document Reference

IBR: Additional Information Booklet – Tailored Super Plan & Personal Retirement Plan - dated 15 May 2020

Reference - page 2, Table 1; page 5, subheading ‘Your spouse can boost your super’; page 25, Glossary ‘Work test exemption’.

The Australian Government has announced a new law under ‘Flexible Superannuation’ that introduces two key changes to superannuation:

1. Work Test – increases the individual age at which the work test starts to apply (from 65 years to 67 years) effective 1 July 2020.
2. Spouse Contributions – increase the individual age limit for spouse contributions (from 69 years to 74 years) effective 1 July 2020.

The Additional Information Booklet – Tailored Super Plan & Personal Retirement Plan, as referenced above, indicate that the individual age at which the work test starts to apply is age 65. From 1 July 2020, the age at which the work test starts to apply is age 67.