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June 24, 2009

SMSF Contributions

Filed under: Uncategorized — @ 7:22 pm

SMSF Contributions
The two main types of contributions are:
Mandated employer contributions
These contributions are given by an employer according to a law or an industrial agreement for the gain of a fund member. These contributions include one of the following:
Super guarantee donations
Super guarantee shortfall elements
Award-related donations
Capital from the superannuation holding accounts (SHA) special account.
Mandated employer contributions can be received for members at all time meaning that this type of contribution can be received for an individual despite his age or the number of hours he is employer at that point of time.
Non-mandated contributions
These are voluntary super contributions like of the following:
Donations given by employers over and above their Superannuation Guarantee (Administration) Act 1992 or award responsibility
Personal donations given by employees
Personal donations given by self-employed persons
Other personal donations and spouse donations.
You can receive non-mandated contributions in the following conditions:

All type of contributions within some limit can be received for members under the age of 65 years only if the tax file number of the member is quoted. Contributions can also be received for members age within 65 70 and age within 70 75 if the member is profitably employed at least part time and the member quotes their TFN.

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