Super funds and SMSFs

SMSF contributions and rollovers

SMSF contributions are amounts paid into a self-managed super fund by or for a member, and rollovers are transfers of a member's benefits from another fund. The trustee must check that the fund is allowed to accept a contribution, for example the contribution type, the member's age and, for member contributions, that the fund holds the member's tax file number, and must record it correctly as a concessional or non-concessional contribution. Contributions count towards the member's caps, and an excess can cause extra tax. Whether the member can claim a deduction for a personal contribution is a separate, member-level question with its own conditions, including a work test for older members; accepting the contribution does not decide it. The ATO's SMSF pages set out when contributions can be accepted and how to return those that cannot. Correct member records matter, since the annual return reports them.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.