There have been a few enquiries of late regarding eligibility of the work bonus scheme ‘against’ working for a self-managed super fund (SMSF).
Under the previous Pensioner Bonus Scheme (PBS), an age pensioner was entitled to a benefit for working beyond the pension age. This did not mean receiving a wage – just working. The age pensioner could have been working for his SMSF to maximise super fund.
Now this PBS scheme has been replaced by the Work Bonus Scheme. After a couple of tweaks it is now
“The first $250 of employment income you earn each fortnight is disregarded and not counted as income and any unused amount (if you earn between zero and $250 in a single fortnight) is now added to your Work Bonus balance, which can accumulate to a maximum amount of $6,500 pa”.
It also means that a wage would need to be drawn from the SMSF.
From the ATO:
“No remuneration for trustee duties
No member, individual trustee or director of the corporate trustee can receive any remuneration for trustee duties or services performed in respect of the fund - this rule is designed to prevent avoidance of preservation and taxation requirements through the payment of service fees to member trustees. However, a reasonable charge for providing services for professional services such as an accountant preparing financial accounts or a solicitor making an amendment to the trust deed is allowed”.
So as a trustee you cannot claim the WBS against working for your SMSF!
