Gainfully employed is defined in SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 1.03 .
Relevant definitions from regulation 1.03 include:
In theory, working to supervise your SMSF can be classified as gainfully employed if you can prove it takes that much work in a month!
- gainfully employed means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment.
- full-time, in relation to being gainfully employed, means gainfully employed for at least 30 hours each week.
- part-time, in relation to being gainfully employed, means gainfully employed for at least 10 hours, and less than 30 hours, each week.
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