Work Test News Today

For any renewable energy project 1MWac or larger, the Inflation Reduction Act adds new qualifications to obtain the full 30% Investment Tax Credit and Production Tax Credit (rather than...

The Internal Revenue Service (IRS) published Notice 2022-61 (the Notice) in the November 30 Federal Register to provide guidance on the key prevailing wage and apprenticeship labor...

Clients are still going to need to meet the work test if they want to claim a deduction for a personal contribution despite the removal of the work test for voluntary contributions to superannuation up to age 74.

BT has cleared up recent changes to the work test, confirming that it will no longer be required for non-concessional, bring forward non-concessional and small business contributions up to the age of 75.

A lack of financial initiatives aimed at Generation X has been described as a “slap straight back” by financial adviser, Luke Marshall, as it has left them feeling left out by the Government.

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“Removing the work test is a good start in helping this cohort top up balances (which are still subject to the transfer balance cap) and while we would have liked to see the work test removed in its entirety to reduce complexity in the system, this is still a positive move,” he said.  He said expanding access to the downsizer contribution to those aged 60 could be attractive for those in a younger cohort who were “asset-rich but super-poor”.  “Despite the name, there is also no need...