Chapter 4: Making contributions to your SMSF
Making contributions to your SMSF is an essential part of growing your superannuation savings. Before getting started, you need to be aware of a few super and tax laws. These rules dictate whether you’re eligible to make a contribution, what type of contribution you can make, how much you can put into super and the tax consequences.
Are you eligible to make contributions?
If you’re under age 65, you can make contributions to super regardless of your working status. From age 65 to 74 you must generally satisfy a work test before making a contribution. By the time you reach 75, only your employer can put money into your fund on your behalf. In this case, the contribution must be considered a mandated ...