Q: I was planning to make a $55,000 payment into my SMSF by 15 June 2024 as a Contribution Reserving Strategy for myself and my wife. With the limits increasing to $30,000 per person from 1 July 2024, can I make a $60,000 payment as Contribution Reserving instead of $55,000. In summary, can I take advantage of the new limits with Contribution Reserving prior to 1 July?
A: Obviously, you’ve got some pretty good understanding of the super rules here. Before I get into that, let me just explain the technical aspects of this. When we make a contribution to super, the trustees receive that amount of money. Usually, in most cases, when the trustees receive the contribution, they would just allocate it to the member who made the contribution. Today, I make a contribution of $10,000. I receive it as a trustee, and then I would usually say, “Okay, that’s a $10,000 contribution for Garth”.
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