Meeting a SMSF Condition of Release

Outside of some exemptions which will be covered in a later video, to cash superannuation a member must meet a condition of release. There are four conditions of release that have no limitations and allow you unlimited access to your superannuation benefits. These are: Reaching preservation age and retiring Attaining the age of 65 TerminalContinue reading “Meeting a SMSF Condition of Release”

Types of SMSF Contributions Explained

Concessional contributions are made into your super fund before tax, and include: employer contributions, such as. compulsory employer contributions. any additional concessional contributions your employer makes. salary sacrifice payments made to your super fund. Non-concessional contributions are made into your super fund from after-tax income. These contributions are not taxed in your super fund. Member versus Employer Contributions Personal super contributions are the amounts you contribute to your superContinue reading “Types of SMSF Contributions Explained”

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 paysContinue reading “SMSF Contributions”

Self Managed Super Fund Downsizer Contributions

From 1 July 2018, Australians aged 65 years of age or older are able to make a $300,000 downsizer contribution” into their superannuation fund, per person, from the sale proceeds of their family home. This was a 2017-18 budget measure as part of the package of reforms to reduce pressure on housing affordability in AustraliaContinue reading “Self Managed Super Fund Downsizer Contributions”