How much can I contribute to my Self Managed Super Fund?

Superannuation contributions paid to any superannuation fund on your behalf during the year are added together and the total is compared to the contribution caps.

Employer contributions, including salary sacrifice, or personal contributions for which you intend to claim a tax deduction in your personal income tax return are Concessional Contributions.

Personal contributions you have made for which you do not intend to claim a tax deduction in your personal income tax return are Non-Concessional Contributions.

Business active assets held can be sold and the Capital Gain rolled into a superannuation fund can be exempt from tax up to the CGT Cap.

 


In the 2012 Financial Year, the respective caps are:

Concessional Contribution Cap Under Age 50 (indexing frozen) $25,000
Concessional Contribution Cap Age 50 and over (non-indexed) Transitional till 30 June 2012 $50,000
Non-Concessional Contribution Cap (indexing frozen) $150,000
Non-Concessional Contribution Cap (indexing frozen) total in any 3 consecutive financial years $450,000
CGT cap (indexed) $1,205,000

 

 In the 2013 Financial Year, the respective caps are:

Concessional Contribution Cap (indexing frozen) $25,000
Non-Concessional Contribution Cap (indexing frozen) $150,000
Non-Concessional Contribution Cap (indexing frozen) total in any 3 consecutive financial years $450,000
CGT cap (indexed) $1,255,000

 

In the 2014 Financial Year, the respective caps are:

Concessional Contribution Cap Under Age 60 (indexing frozen) $25,000

Concessional Contribution Cap Age 60 and over (non-indexed) (Must have turned age 59 prior to 1 July 2013)

$35,000
Non-Concessional Contribution Cap (indexing frozen) $150,000
Non-Concessional Contribution Cap (indexing frozen) total in any 3 consecutive financial years $450,000
CGT cap (indexed) $1,315,000

 

In the 2015 Financial Year, the respective caps are:

Concessional Contribution Cap Under Age 50 (indexed) $30,000

Concessional Contribution Cap Age 50 and over (non-indexed) (Must have turned age 49 prior to 1 July 2014)

$35,000
Non-Concessional Contribution Cap (indexed) $180,000
Non-Concessional Contribution Cap (indexed) total in any 3 consecutive financial years from 1 July 2014 $540,000
CGT cap (indexed) $1,355,000

 

What do I need to do to claim the Government Co-contribution?

In the 2014 financial year, the Government will match dollar for dollar up to a maximum of $500 your personal non-concessional contributions you make to superannuation, depending on your income.

The lower income threshold, below which you may receive the maximum amount, is $33,516.

The amount you receive will reduce by $100 for every $3,000 of income over the lower income threshold until the higher income threshold of $48,516 is reached.

No Government Co-contribution is receivable if your income is greater than the higher income threshold.

The ATO will match information received from your Self Managed Super Fund Annual Tax Return and your personal Income Tax Return after they have both been lodged to determine what amount of Govt Co-contributions should be paid.
 

When can I start withdrawing money from my super?

Except in exceptional circumstances, you can start withdrawing money from superannuation when you reach your Preservation Age. This depends on the year in which you were born.

Born before 1 July 1960 Age 55
1 July 1960 to 30 June 1961 Age 56
1 July 1961 to 30 June 1962 Age 57
1 July 1962 to 30 June 1963 Age 58
1 July 1963 to 30 June 1964 Age 59
Born after 30 June 1964 Age 60

 

To determine whether starting a pension from your SMSF is right for you, you may need to speak to a qualified Financial Planner.
 

How much can I withdraw?

When you start an Account Based Pension a minimum amount must be withdrawn each year for your fund to continue to enjoy its tax exempt status on income earned on your pension account.

The minimum for each year is calculated by finding the market value of your pension account balance, calculated on the start date of your pension or on the 30 June immediately prior to the current financial year for a continuing pension, and multiplying it by a percentage determined by your age at the start of your pension, or on July 1 of the current financial year for a continuing pension. If a pension is started part way through the year, the minimum amount calculated is pro-rated over the remainder of the year.

For the 2011-12 and the 2012-13 financial years, the percentages are:

< Age 65 3%
Age 65 < Age 75 3.75%
Age 75 < Age 80 4.5%
Age 80 < Age 85 5.25%
Age 85 < Age 90 6.75%
Age 90 < Age 95 8.25%
> Age 95 10.5%


From the 2013-14 financial year onwards, the percentages will return to their original values:

< Age 65 4%
Age 65 < Age  75 5%
Age 75 < Age 80 6%
Age 80 < Age 85 7%
Age 85 < Age 90 9%
Age 90 < Age 95 11%
> Age 95 14%


There is also a maximum amount which limits what can be withdrawn each year if you have not met a release condition, that is, if you are under 60 and unable to satisfy the Trustees that you have left the workforce and will not be working more than 10 hours per week at any time in the future, or have attained the age of 60 and have left gainful employment and have not yet reached age 65.

In these circumstances your pension will be a Transition to Retirement Pension. The minimum is calculated using the same method as the Account Based Pension above, however, there is a maximum withdrawal amount for that pension each year of 10% of the same pension account balance used to calculate the minimum amount.

Upon meeting a release condition, the 10% maximum restriction is lifted.