The Institute of Public Accountants (IPA) is calling on the Government to remove the work test for those wishing to make contributions into their superannuation who are aged 65 years and over.
“If the Government is serious about encouraging Australians to increase their superannuation balances, we see no sense in legislation that prohibits anyone from making contributions after they turn 65 years of age if they are no longer gainfully employed on at least a part-time basis,” said IPA chief executive officer, Andrew Conway.
“The IPA believes the legislation needs to be amended to allow Australians to contribute to their superannuation fund irrespective of whether they are gainfully employed and irrespective of their age.
“A change needs to happen to allow Australians who are 65 years and over and who are not working to contribute to superannuation in situations where they are currently unable to do so.
“There are multiple situations where this may be the case, including those who may be in the course of downsizing their home or where a widow/widower inherits money from their spouse’s estate,” said Mr Conway.
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