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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 43277
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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My husband and I earn a small income from our partnership

Customer Question

My husband and I earn a small income from our partnership business and receive a part pension. I am 71 yrs and My husband is 69yrs. We each have a BT superwrap super pension from which we are required to receive an amount annually.
We are thinking of changing super funds. If we did this do we have the option of putting it into an ordinary super fund instead of a pension fund or is a pension fund compulsory because we receive a part pension? Am aware we can't contribute to the super at our age.
Hope you can help. Tthank you
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Afternoon

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

So you are just rolling over the current fund into the new one?

The income you earn goes into fund?

Customer: replied 1 year ago.
No we live off our income and part pension
Expert:  Leon replied 1 year ago.

Good Afternoon

You can roll over the money in one fund to another. That is not an issue. It is not seen as a contribution it is a rollover.

You can make contributions provided you satisfy the work test. This is 40 hours work in 30 day period

Here is some detailed information.

http://www.mlc.com.au/resources/MLC/Superannuation%20and%20Investments%20Product/Documents/69919_MLC_MK_SP_&_Fundamentals_How_to_Guide.pdf

So if you are working at least 40 hours in 30 days then you are ok to contribute until 75 years of age.

I hope this makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

Customer: replied 1 year ago.
I am concerned that I have just paid this site by credit card visa and was asked to sign in. was advised that you have my email from a previous visit which is no true. was then sent a password ***** I entered and this was rejected. would like to know what is happening please.
Expert:  Leon replied 1 year ago.

Good Afternoon

I am not able to assist with the site. I am here to answer your question. But I have to log in now and then as well.

You have logged back into your account and the question we are working on.

I can let the administrators know and they will get back to you.

Customer: replied 1 year ago.
I am not going to call and have just paid 81.00 by credit card. could you please. then are you able to assist with my question. I have become a little worried about the authenticity of this site. thankyou
Expert:  Leon replied 1 year ago.

I have provided you with an answer to your question.

Did you not get that?

Here it is again and I will notify them

Good Afternoon

You can roll over the money in one fund to another. That is not an issue. It is not seen as a contribution it is a rollover.

You can make contributions provided you satisfy the work test. This is 40 hours work in 30 day period

Here is some detailed information.

http://www.mlc.com.au/resources/MLC/Superannuation%20and%20Investments%20Product/Documents/69919_MLC_MK_SP_&_Fundamentals_How_to_Guide.pdf

So if you are working at least 40 hours in 30 days then you are ok to contribute until 75 years of age.

I hope this makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon