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There are a multitude of considerations to be made when making contributions into your superannuation. Contributions may be personal or employer contributions, concessional or non-concessional, government co-contributions and spouse contributions.  There may be deductions available. Professional legal advice with respect to contributions by a Superannuation and Taxation Lawyer may be beneficial to ensure that contributions to your superannuation is managed in the most efficient and tax effective manner.

Firstly, employers are required to make mandatory Superannuation Guarantee (SG) contributions for the benefit of virtually all of their employees. Apart from mandatory superannuation, some employers make additional superannuation contributions for their employees under an employment contract. Where certain conditions are met, employers are entitled to a deduction for superannuation contributions made on behalf of employees, regardless of whether they are mandatory or voluntary contributions. Superannuation law can be complex, lengthy and highly detailed orientated.  Gaining legal and financial advice from a network of skilled tax and finance professionals may be immensely useful in ensuring contributions are legally compliant and effective.

In addition, for their own retirement savings individual taxpayers may make personal superannuation contributions, either from after-tax income or under salary sacrifice arrangements. Personal superannuation contributions for example, those made by self-employed and substantially self-employed persons, retired persons, or unemployed persons may be deductible provided certain conditions are met. Employees are generally not entitled to a tax deduction for personal superannuation contributions, but they may be entitled to government co-contributions. Self-employed persons may also be entitled to co-contributions. An individual taxpayer who makes superannuation contributions for or on behalf of a spouse who earns little or no income may be entitled to a tax offset. Professional legal advice by a Superannuation and Taxation Lawyer may be advantageous to ensure that your contributions are structured correctly and take advantage of all the benefits and concessions available.

Furthermore, employer contributions and deductible personal contributions are “concessional contributions”, while non-deductible personal contributions and other contributions are “non-concessional contributions”.  Sound legal advice by a Superannuation and Taxation Lawyer may be necessary to understand the difference between these contributions.

Finally, superannuation law imposes rules on the acceptance of contributions by superannuation funds and Retirement Savings Accounts (RSA) providers and contributions made in breach of the rules must be returned. Generally, mandated employer contributions for instance SG contributions and award contributions can be accepted by the fund without restrictions. Other contributions such as personal contributions and non-mandated employer contributions made for or by a person under the age of 65 can also be accepted by the fund without restrictions, but a work test must be met before contributions can be accepted in other cases. In addition, funds cannot accept member contributions for which a TFN has not been provided or “fund-capped contributions” which exceed annual limits. It is important to be informed of and to have an understanding of the superannuation laws and laws relevant to your contributions by a skilled Superannuation and Taxation Lawyer.

If you would like further information or wish to discuss your SMSF matter with us please do not hesitate to contact our firm by telephone on (02) 9233 4048 or by email to info@navado.com.au to arrange an appointment. 

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This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.

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