SMSF Contributions

Firstly, there are two main types of contributions that can be made into super. These are concessions contributions and non concessional contributions. 

In basic terms, concessional is where the money is contributed pre it being taxed and or a tax deduction is claimed for the contribution going into super and then the super fund pays a contribution tax. and non concessional is where there is no tax deduction claimed – either inside or outside of super. Effectively after tax money.  

Types of concessional contributions: 

  • Superannuation Guarantee (made by your employer), are compulsory amounts paid into super, usually on a regular basis 
  • Salary sacrifice contributions – these are voluntary contributions your employer pays out of your pre tax income into your nominated superannuation account 
  • Personal Contributions – these are voluntary and made by you, with a tax deduction being claimed. The money you contribute is post tax money (that is, you have already paid tax on it) 

Types of Non Concessional Contributions: 

  • Personal Contributions – these are voluntary and made by you, with a tax deduction being claimed. The money you contribute is post tax money (that is, you have already paid tax on it)

The main types of Contributions:

  • Superannuation Guarantee 
  • Spouse Contributions 
  • Spouse Contribution splitting 
  • Salary sacrifice contributions 
  • Personal concessional contributions 
  • Personal non concessional contributions  
  • Catch up contributions 
  • Work test exempt contributions 
  • Downsizer contributions 
  • Government co contribution 
  • Low income super tax offset 
  • Small business CGT concessions  – after tax contribution, but with its own cap 

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