SMSF Technical Education & Strategies

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Can you make (or receive) contributions to your SMSF ?

It is important for trustees to be aware that contributing to superannuation is not a case of anything goes. There are rules around who can contribute, how much, and under what circumstances you can contribute.

Below is an outline of the current contribution rules which are based on your age, however you should also be aware that these are minimum standards, and the trust deed of your fund may actually be more restrictive.

Contributions to your super fund can be accepted only in the following circumstances:

For members under the age of 65 years

If your under the age of 65 you can contribute (or receive contributions) to your SMSF regardless of your working status.

For members aged between 65 and 69

Your SMSF can accept Employer mandated contributions, however for all other employer contributions or member contributions (such as personal, spouse, or Gov't contributions) you must satisfy a work test. If you work at least 40 hours in any consecutive period of 30 days, then you will be able to make & receive contributions in your SMSF for the rest of the financial year.

For members aged between 70 & 74

The same as above (for age 65 to 69) except that while personal contributions made by you can still be accepted, your SMSF cannot accept other member contributions NOT made by you (e.g. spouse contributions). Also, contributions need to be received by the SMSF on or before the day that is 28 days after the end of the month in which the member turns 75.

For members aged 75 and over

Your SMSF can only accept contributions for a member aged over 75 which are mandated employer contributions, which will generally be those made under an industrial award or certified agreement. Note that employers are not required to make Superannuation Guarantee Contributions (SGC) if your 75 or over. Your SMSF cannot accept other non-mandated contributions such as personal contributions.