Q: I put money into my SMSF in June 2017 from a capital gain. I wasn’t able to tell the fund at that time what it was because my accountant hadn’t completed the figures so that notice was sent to them in August 2017. As I understood the rules, so long as the money was in the fund at June 2017, I could then withdraw any ... Read more
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 referring to Making superannuation contributions.
Tax-deductible super contributions: No longer need to meet 10% income test
Q: I work for myself but I also have a part-time job. I have been told that even though I receive SG from my part-time employer, I can also make tax-deductible super contributions. Is that true? And if it is true, how does it work?All Australians are eligible to make tax-deductible super contributions. A ... 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 of intent to ... Read more
Employees can now make tax-deductible super contributions (since July 2017)
Note: The option for employees to make tax-deductible super contributions became law on 29 November 2016, and took effect from 1 July 2017.As an employee, the general rule when making super contributions is, you can take advantage of the concessional (before-tax) contributions rules by salary sacrificing, or by ... Read more
Who can make tax-deductible super contributions?
Note: Since 1 July 2017, all eligible Australians under the age of 75 can claim tax deductions for personal super contributions, subject to the annual concessional contributions cap. Such a measure can assist Australians who may be partly self-employed and partly employed, or individuals who work for employers who ... Read more
Retirementgate revisited: Australian couples and singles punished for saving
Note: This article discloses the retirement savings ‘sweet spot’ (optimal super balance for securing maximum income when combining super and Age Pension payments) for 4 categories of Australians – homeowning couple, homeowning single person, non-homeowner couple, non-homeowner single person. See summary table, charts ... Read more
Boost your super: 10 planning tips for 2017/2018 year
Although many people are still grappling with the July 2017 superannuation changes (announced in the 2016 Federal Budget), it’s important to note that many of the underlying super rules remain unchanged. For example, the Superannuation Guarantee (SG) rates remain the same, contributions caps are still around (albeit ... Read more
Latest superannuation changes: 2017/2018 guide
Substantial changes to the superannuation rules took effect from 1 July 2017: have you investigated how the super changes will affect your superannuation and retirement plans for the 2017/2018 year, and for future financial years?At the same time, many of the super rules in place have not changed from previous ... Read more
Superannuation checklist: What rules apply for the 2017/2018 year?
Although the Coalition government has made significant amendments to Australia’s superannuation rules, many of the super policies did not change from July 2017 (see list later in article).For your convenience, we have split the 2017/2018 year superannuation checklist into 2 categories of super rules. The first ... Read more
How much can I contribute in non-concessional (after-tax) super contributions for the 2017/2018 year?
The annual non-concessional contributions cap is $100,000 for the 2017/2018 year, and if a person is eligible take advantage of the bring-forward rules, then an individual can make up to $300,000 in non-concessional contributions for the 2017/2018 year (representing his or her annual cap over a 3-year period).An ... Read more
Super contributions caps for the 2017/2018 year
The superannuation contributions caps for concessional (before tax) and non-concessional (after tax) contributions have been cut for the 2017/2018 year. (Note that the higher contributions caps applicable for the 2016/2017 year, were the same limits that were in place for the 2015/2016 year, which are also set out ... Read more
The short story on super contributions limits (2017/2018 year)
You can make two types of superannuation contributions – concessional (before-tax) contributions and non-concessional (after-tax) contributions – and each type of contribution has a separate limit known as a contributions cap (see text and tables below). Concessional (before-tax) contributions Before-tax ... Read more
