DEPOSITS – SUPER WHAT CONTRIBUTION TYPES ARE

DEPOSITS – SUPER WHAT CONTRIBUTION TYPES ARE
5 GEOLOGY 103 LECTURE 10 EVAPORITE DEPOSITS PHOSPHATE BOGGS
A LARGE SEDIMENTARY DEPOSITS AT THE MOUTH OF SABRINA

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Deposits – super

What contribution types are acceptable?

Concessional contributions
Superannuation Guarantee (SG) contribution	SG contributions are the compulsory contributions that an employer is required to make on an employee’s behalf.
Employer contribution	Additional contributions made by an employer. These may be required under an Award or industrial agreement or voluntary contributions over and above the required SG contribution
Salary sacrifice contribution	Employer contributions made on an employee’s behalf, in lieu of salary.
Personal deducted contribution*	Contributions made by the client for which a personal tax deduction is claimed. A valid Personal Tax Deduction Notice must be provided within a certain timeframe, and acknowledged by the fund, to ensure contributions are treated as deducted.
Non-concessional contributions
Personal undeducted contribution	Contributions made by the client for which a personal tax deduction is not claimed.
Spouse contribution	Contributions made by the client's spouse. The contributing spouse is not entitled to a tax deduction for these contributions but may be entitled to a tax offset
Not assessed under any contributions cap
Personal injury	Contributions made with the proceeds from certain payments for personal injury. To be eligible to have contributions exempt from the non-concessional cap the contribution must be made within a certain timeframe, a tax deduction cannot be claimed for the contribution and an ATO election form must be provided at or before the time the contribution is made.
Downsizer contributions	Contributions made with the proceeds of selling your home. To be eligible to have up to $300,000 exempted from the non-concessional cap the client must be age 65 or over and the contribution must be made within a certain timeframe, a tax deduction cannot be claimed for the contribution and an ATO downsizer form must be provided at the time the contribution is made.
Low income superannuation tax offset (LISTO) contribution	Eligible clients with adjusted taxable income up to $37,000 will automatically receive a government LISTO contribution of 15% of the total concessional contributions made, up to a maximum of $500.
Government co-contribution	Each year we report personal contributions to the ATO so they can determine who is eligible to receive Government co-contributions. If a client has nominated their account to receive the co-contribution, the ATO will send it to us automatically and we’ll credit the client’s account. The ATO will send the client a letter confirming the details of the contribution.

Circumstances in which contributions may be made and the types of contributions we can accept

Circumstances	Personal contributions (including those made by a self employed individual)	Mandated employer contributions (Award and SG contributions)	Non-mandated employer contributions (including salary sacrifice)	Eligible spouse contributions
Client under 65
Client 65 or over, but not 70 (other than for mandated contributions). Client has been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the financial year in which the contribution is made. OR Client is eligible for work test exemption¹.
Client 70 or over, but not 75² (other than for mandated contributions) Client has been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days during the financial year in which the contribution is made. OR Client is eligible for work test exemption¹.
Client 75 or over

Client may be eligible to claim the work test exemption if they

do not meet the conditions of the work test in the current financial year; and
met the conditions of the work test in the previous financial year; and
had a total superannuation balance below $300,000 on 30 June of the previous financial year; and
have not previously relied on the work test exemption.

For more information on Total Superannuation Balance, refer to ato.gov.au.

The contribution must be received within 28 days after the end of the month in which client turns 75.

Are there limits (caps) on super contributions?

There are yearly caps on the amount of concessional and non-concessional super contributions a client can contribute to super that receive concessional tax treatment. Amounts contributed over these caps may incur additional tax.

From 1 July 2019, a client’s concessional contributions cap may be increased above the basic concessional cap if:

their total superannuation balance is less than $500,000 immediately prior to the financial year, and
they have unused concessional cap space from the previous 5 years (with 2018-19 financial year being the first year they can accrue unused concessional contributions).

The client is responsible for monitoring the caps. However, we’re generally unable to accept a single non-concessional contribution exceeding $540,000 (or $180,000 if the client is 65 or over on 1 July in the financial year in which they contribute). This is known as the ‘fund cap’. Any amount in excess of the fund cap will be returned to the client.

How can deposits be made?

Type of deposit

How it can be made

Contribution

electronic transfer (Direct Debit)
BPAY®
cheque
send us the client's SG notification or (other notice of entitlement to SG shortfall payments)*
quick super (employer contributions only)

See help for instructions on making a deposit by cheque, BPAY^® and direct debit electronically via AdviserNET.

Rollover (transfer from another super fund)

use our Adviser Rollover Tool
send us the client's rollover cheque and documentation
complete the transfer authority form

* These types of contributions are credited to the super account following processing by the Australian Taxation Office, which may take some time.
^®Registered to BPAY Pty Ltd ABN 69 079 137 518

What about CGT contributions?

CGT Contributions are made with certain proceeds from the disposal of qualifying small business assets. To be eligible to have contributions assessed under the CGT cap the contribution must be made within a certain timeframe, a tax deduction may not be able to be claimed for the contribution and an ATO election form must be provided at the time the contribution is made.

Can a client split contributions with their spouse?

A client may be able to split some contributions made to their super account with their spouse, provided their spouse meets the eligibility rules. A client can only split contributions with their spouse once per financial year. Once a contribution has been split, the client cannot reclassify the amount.

What contributions can a client split with their spouse?
The client can split their taxed ‘splittable’ contributions (SG, personal deducted and salary sacrifice contributions) up to the lesser of:

85% of their concessional contributions for that year; and
their concessional contributions cap for that year.

From 1 July 2019, the concessional contributions cap may be increased above the basic concessional cap if:

the client’s total superannuation balance is less than $500,000 immediately prior to the financial year, and
they have unused concessional cap space from the previous 5 years (with 2018-19 financial year being the first year you can accrue unused concessional contributions).

How can a client request to split their super contributions with their spouse?
By completing a contribution splitting application and posting it to us.

Generally, clients will only be able to request a split of the contributions made in the immediately preceding financial year. However, they may split the contributions made for the same financial year if they are closing their super account and rolling over to another fund. They cannot split contributions once they transfer to a pension account.

CHAPTER 07 ‑ COLLATERALIZATION OF DEPOSITS SECTION 0100 ‑
CTCOREARINCOMPLETEDEPOSITS PURPOSE OF QUERY AR DEPOSITS NOT POSTED
DECREE ON THE SAVINGS DEPOSITS SUBJECT TO INSURANCE AND

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