Making superannuation contributions

Superannuation contributions (including personal contributions and employer contributions) are a cash amount, or in some cases an asset, that is contributed to a complying superannuation fund, on behalf of an individual under the age of 75.

Super contributions and earnings on those contributions are the key to accumulating a substantial retirement nest egg. Find out how you can make concessional (before-tax) contributions, non-concessional (after-tax) contributions, receive co-contributions and more. As a starting point you may want to consider reading the following SuperGuide articles:

 

Set out below are all SuperGuide articles explaining Making superannuation contributions.

SMSF trustees: Is your employer and fund ready for SuperStream?

Update:  Employers with 19 or fewer employees had a deadline of 30 June 2016 to be set up for SuperStream , but on 22 June 2016, the ATO extended this deadline to 28 October 2016. Note that employers with 20 or more employees were required to be set up for SuperStream by 30 June 2015, and this … [Read more...]

Tax-deductible super contributions: Claim no more than your income

Q: If I make a personal concessional payment of $30,000 (tax-deductible) into my super fund and my personal taxable income for 2015/2016 is $20,000, are there possible tax penalties because I’m claiming $10,000 more than my taxable income?I suggest you chat to a registered tax agent, typically … [Read more...]

Who can make tax-deductible super contributions?

Note: From 1 July 2017, the Coalition, if it wins the 2016 Federal Election, intends to allow all individuals under the age of 75 to claim tax deductions for personal super contributions, subject to the concessional contributions cap, and taking account of previously-made super contributions for a … [Read more...]

Salary sacrificing and super: 10 facts you should know

Salary sacrificing superannuation, by making before-tax super contributions, is a popular strategy for employees on middle-to-high incomes. The deal is that you increase your superannuation balance (and pay 15% contributions tax, and for those earning an adjusted taxable income of more than … [Read more...]

Concessional contributions: What form do I use to claim a tax deduction?

Q: I want to make a tax-deductible super contribution to my super fund, in this case a SMSF, although I also have a super account with an industry fund. I am trying to find the official form for claiming this type of deduction. Could you lead me to a link where I could find a generic S290-170 notice … [Read more...]

Super contributions: Can I make a retrospective payment to my fund to reduce tax?

Q: After completing my personal tax return my accountant advised I was up for $45,000 in income tax – (I had ceased work and sold an investment property, then unexpectedly recommenced work). My question to you is: Can I now make a contribution to my SMSF to reduce the income tax payable personally, … [Read more...]

Superannuation Guarantee: What is the maximum SG employers must pay?

Q: I am earning a salary of $200,000 plus super. I am aged 42. I understand a maximum contribution level applies based on a 9.5% SG contribution, before the balance up to $30K limit can be made on a salary sacrifice basis. Can you please confirm what the maximum SG contribution is allowed to be for … [Read more...]

Upper limit on SG contributions (for 2016/2017 year, and for previous years)

Note: This article explains the maximum superannuation contribution base for the 2016/2017 year, for the 2015/2016 year, and for previous years.The maximum superannuation contribution base is used to determine the maximum Superannuation Guarantee (SG) contribution that an employer is required to … [Read more...]