Contributions Self-managed Super Fund can accept
Are you? – A trustee or director of a corporate trustee of a SMSF?
At a glance:
– The Australian Taxation Office has provided information regarding the contributions that a self-managed superannuation fund can accept.
– Ensure you comply with the minimum standards set by the Australian Taxation Office.
– Contact us if you require any clarification or advice.
The following should be considered before accepting any contributions:
- If the members contributing to the fund have provided their TFN.
- The type of contribution
- The age of the members
- The contribution cap
- Mandated contributions are contributions made by an employer under law or industrial agreement. A SMSF is allowed to accept mandated employer contributions for members anytime and without age restrictions.
- Non-mandated contributions can include personal, Government or spouse contributions and employer contributions above super guarantee or award obligations, such as salary sacrifice contributions.
- Non-mandated contributions from members who aged 75 or over cannot be accepted by a self-managed superannuation fund.
- For more information, click here.
– You should return contribution from members without TFN within 30 days of becoming aware that you received it.
This article was published on 31/08/2018 and is current as at that date