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.

You should: 
– Ensure you comply with the minimum standards set by the Australian Taxation Office.
– Contact us if you require any clarification or advice.

The Australian Taxation Office has provided details regarding the contributions that a self-managed superannuation fund can accept to be eligible for tax benefits and avoid incurring penalties.

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.

Remember:
– 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