Gainfully employed

I'm 66 years old, really enjoying working, and will continue working until I'm 70 at least. I am contributing to a super fund and need to know if I do eventually choose to work part time, am I gainfully employed?

Firstly you are gainfully employed if you're employed (or self-employed) for gain or reward in any business, trade, profession, vocation, calling, occupation or employment. Gain or reward is the receipt of remuneration such as wages, business income, bonuses and commissions, in return for personal exertion from these activities. It doesn't include the passive receipt of income, for example, rental income.

As you are over 65 you are treated as gainfully employed on a part-time basis when you work at least 40 hours in a continuous 30-day period in that same financial year.

Click here to visit Peter Switzer's website