The concept of “gainfully employed” is important in relation to Superannuation, Retirement, and Contributions to a Regulated Superannuation in Australia.
However, there is no definition of “gainfully employed” in the Australian Income Tax Assessment Act or any associated Regulations. furthermore there is no definition in the related Superannuation Industry supervision (SIS) Act or Regulations.
We can only rely on a short passage of commentary issued by the Australian Tax Office.
The passage is short indeed and offers no examples to assist us in dealing with cases in the ‘grey areas’.
Gainfully employed includes activities for reward or profit such as earning wages, commissions and generating profits from a business activity.