Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 (F2022L00241)

Schedule 1   Amendments

Superannuation Industry (Supervision) Regulations 1994

16   Subregulation 7.04(1A)

Repeal the subregulation, substitute:

(1A) Despite items 2 and 3 of the table in subregulation (1), the fund may also accept contributions made in respect of a member, and received on or before the day that is 28 days after the end of the month in which the member turns 75, that are:

(a) employer contributions other than mandated employer contributions; or

(b) member contributions other than downsizer contributions.

Note: Other rules may be relevant to making certain contributions in respect of a member. For example:

(a) downsizer contributions are limited to persons aged 60 or over (see paragraph 292-102(1)(a) of the 1997 Tax Act); and

(b) there are rules about deducting personal contributions to a superannuation fund (see Subdivision 290-C of the 1997 Tax Act). In particular, work test conditions apply to deducting certain contributions made from age 67 until the day referred to in subregulation (1A) (see subsection 290-165(1A) of the 1997 Tax Act).