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SMSF practitioners may want to hold off on advising clients to make contributions under the work test measure when it’s passed, as some clients could be left in a worse tax position, warns a technical expert.
Speaking at the SMSF Summit in Adelaide, SuperConcepts general manager of technical services and education Peter Burgess said the work test measure that was introduced for retirees will allow super members who are over the age of 65 to make a non-concessional contribution the year after they cease work, which under the current legislation they would not be able to do.
Read the full article at SMSF Adviser.