Contributions require a thorough understanding of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SIS Regulations), and the Income Tax Assessment Act 1997 (Cth) (ITAA 97) and Income Tax Assessment Regulations 1997 as they provide the rules on making and accepting contributions, and determine the taxation treatment, designation and deductibility.
This module provides an outline of the rules about accepting contributions, who can make contributions and the way those contributions can be made.
It then discusses the difference between mandatory and non-mandatory contributions, taxable and non-taxable contributions and excessive and non-excessive contributions.
The module also highlights some of the key contributions that can be made to help members accumulate beyond normal contributions, leading to strategic opportunities.
On completing this module, you should be able to:
- outline when a fund can and cannot accept contributions based on a member’s age
- provide an overview of the types of contributions that can be made
- highlight how contributions can be made to a fund
- calculate the amount of concessional and non-concessional contributions that will be excessive
- identify when contributions can be returned.
SMSF Advice - Contribution Standards