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In this edition:
Over the next few months we will feature a series of articles about contributing to superannuation and the rules associated with contributions. This month we cover the main types of contributions.
As superannuation offers extremely valuable and generous tax concessions, it is not surprising that there are rules limiting how much can be contributed. Unfortunately those rules can sometimes be complex as there are restrictions on:
In this article we explain the various rules and how they interact. This explanation applies specifically to self managed funds but the same basic rules are generally applicable to most private (non-Government) superannuation funds.
Not all contributions are created equal
Perhaps the most important starting point here is that there are a number of different types of superannuation contributions. The two most common types are:
Just to complicate matters there are also some other types:
The rules governing when each of these contributions can be received by any superannuation fund (including a self managed fund) are all slightly different but they do have one thing in common – they are linked to the age and/or work status of the person for whom they are made.
>> Read the May newsletter article on the different rules for contributions for people aged under 65 and over 65.
In the meantime, if you have any questions please contact us.
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