- Presentations, Technical Resource
- Contributions
National Conference 2023
1 July 2022 was a pivotal date as it opened up the opportunities for many more superannuation fund members to make contributions to their fund. Whilst the contributions rules now make accepting contributions a less onerous task for SMSF trustees, SMSF members need to understand that there are now less barriers to making mistakes and some of those mistakes can come at a cost.
In this session we will take a look into some of the consequences of getting the contributions rules wrong as well as consider some of the lesser appreciated rules about making contributions. Some of the items that will be discussed include:
- Work test changes creating potential for more excess NCC
- How to deal with excess contributions
- Which contributions require an election and when do they need to be made
- Understanding & funding Division 293 taxes
- When can you make a CGT concessional contribution.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain general advice only and are prepared without taking into account particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to the individual circumstances of your client. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001. © SMSF Association