Self Managed Super Fund (SMSF) is to provide retirement benefits to members. It gives you total control over how your super benefit is invested and managed, according to your own risk portfolio and investment choices, this gives you flexibility and control. The income of your SMSF is generally taxed at a concessional rate of $15, if the fund is a “complying fund”.
SMSF trustee can generally accept contributions for members:
* employer contributions
* personal contributions
* salary sacrifice contributions
* super co-contributions
* eligible spouse contributions
Contribution amount, type, breakdown of components need to be properly documented, and allocate to members’ accounts within 28 days of the end of the month in which you received them.
For members under 65 years old, you can generally accept all types of contributions (subject to the relevant contribution caps); For members over 65, non-mandated contributions can only be accepted if the member is gainfully employed for at least 40 hours in period of 30 consecutive days in each financial year in which contributions are made; For members over 75 years you cannot accept any non-mandated contributions.