IVCM
  • Member Login Area
  • enquiries@ivcm.com
  • CALL US NOW

    Let the experts help you

    Australia

    Australia

    UAE

    UAE

    Gibraltar

    Gibraltar

    UK

    United_Kingdom
Search
  • Home
  • Products & Jurisdictions
    • Australia
      • Australian Expatriate Superannuation Fund
      • International Expat SIPP
    • New Zealand
      • IVCM (NZ) PIE Superannuation Fund (QROPS)
      • IVCM NZ PIE Superannuation Fund (QNUPS)
    • United Kingdom
      • International Expat SIPP
      • IVCM Heritage SIPP [Closed to New Business]
      • Brooklands SIPP [Closed to New Business]
    • Gibraltar
      • IVCM Gibraltar QROPS
      • IVCM Gibraltar QNUPS
  • Client Support
    • Knowledge Hub
    • Product Documents
    • Login Area
    • Client Feedback
  • Adviser Support
    • New to IVCM
    • Technical Guides
    • Jurisdiction Comparison
    • DTA Analysis
    • Where is Your Client Resident?
    • Product Documents
    • Adviser Feedback
  • Contact IVCM
  • COVID-19
  • Home
  • Products & Jurisdictions
    • Australia
      • Australian Expatriate Superannuation Fund
      • International Expat SIPP
    • New Zealand
      • IVCM (NZ) PIE Superannuation Fund (QROPS)
      • IVCM NZ PIE Superannuation Fund (QNUPS)
    • United Kingdom
      • International Expat SIPP
      • IVCM Heritage SIPP [Closed to New Business]
      • Brooklands SIPP [Closed to New Business]
    • Gibraltar
      • IVCM Gibraltar QROPS
      • IVCM Gibraltar QNUPS
  • Client Support
    • Knowledge Hub
    • Product Documents
    • Login Area
    • Client Feedback
  • Adviser Support
    • New to IVCM
    • Technical Guides
    • Jurisdiction Comparison
    • DTA Analysis
    • Where is Your Client Resident?
    • Product Documents
    • Adviser Feedback
  • Contact IVCM
  • COVID-19
IVCM Contributing to Superannuation
admin2020-08-18T10:06:12+04:00
  • Home
  • Blog
  • Australia
  • Contributing to your Retail Superannuation Fund

Contributing to your Retail Superannuation Fund

Australian Expatriate Superannuation Fund (AESF)

Contributing to your Retail Superannuation Fund


As you progress through your working life, saving for retirement takes an increasing priority if you are seeking to continue a comfortable life when you retire from work.

Aside from the Age Pension provided by the government, Australian Superannuation provides a solid platform for you to bolster your retirement savings. There are two ways in which you can grow your Superannuation fund and these are through investment growth and also the amount you contribute/save to it.

In this article, we will cover the main things you need to know when contributing to your Superannuation Fund.

Types of Super Contributions’

  • Concessional Contributions – These are classed as ‘Deductible Contributions’ because tax is deducted from the fund, before the contribution is applied to your Super Fund. The Superannuation provider will deduct tax at the ‘concessional’ rate of 15% and pay the Australian Tax Office (ATO) on your behalf. If you earn over $250,000 then you may be required to pay an additional 15% tax under the ‘Division 293’ tax rule. The maximum ‘concessional’ contribution you can make, each financial year, is $25,000. However, from July 2018, a new rule was introduced that allows individuals who have a super balance of less than $500,000, to carry forward any unused allowance for up to 5 years.
  • Non-Concessional Contributions – These are contributions where a tax deduction is not claimed. Examples of these can be transfers from an overseas pension scheme, spouse contributions, government co-contributions and some personal contributions where a tax deduction has not been claimed. A maximum non-concessional contribution of $100,000 per financial year is permitted without penalty. It is also possible to ‘bring forward’ a further two years of the allowance, providing you with a total of $300,000. Any excess contributions above the limit will be taxed at 45%.

CALL US TODAY

Let the Experts Help You

  • This field is for validation purposes and should be left unchanged.

Under Australian law, it is a requirement for employers to contribute to your Superannuation fund if, you are over the age of 18 and earn a minimum of $450 per month. This is known as the Superannuation Guarantee (SG).  If you are under the age of 18, then you must work for a minimum of 30 hours per week to be eligible for Superannuation Guarantee contributions. The rate of the Superannuation Guarantee currently stands at 9.5% of your salary, which will increase to 10% by July 2021. For more information on the Superannuation Guarantee (SG), check out our article here.

Another important factor to consider is that if you are between the age of 67 and 74, then you must meet the requirements of the ‘work test’, in order to be eligible to contribute to your superannuation fund. In summary, you must have been employed for at least 40 hours in a period of not more than 30 consecutive days during the financial year to pass this test

If you would like to find out more about contributing to a Retail Superannuation Fund, contact us today and a member of our team would be happy to answer any questions you may have.

Facebook Twitter LinkedIn WhatsApp

This article does not contain personal or financial advice. It is provided for general information only and does not take into account your personal objectives, financial situation or needs.  IVCM is not authorized to provide you with any personal or financial advice.

If you require financial any advice then you must make sure that you obtain advice from a suitably qualified financial adviser.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Related Posts

SMSF vs Retail Superannuation January 21, 2020

SMSF vs Retail Superannuation – What is the difference?

Read More
What is Overseas Transfer Charge OTC September 17, 2019

What is the Overseas Transfer Charge (OTC)?

Read More
3 Reasons why delaying transferring your UK Pension to Australia can cost you money November 18, 2020

3 Reasons why delaying transferring your UK Pension to Australia can cost you money

Read More
aesf ivcm work test October 14, 2020

The Work Test & Work Test Exemption

Read More
Superannuation Guarantee January 21, 2020

What is the Superannuation Guarantee (SG)?

Read More
IVCM What is a QROPS September 19, 2019

What is a QROPS?

Read More
transfer uk pensions to australia September 19, 2019

Can I transfer my UK pension to Australia?

Read More
UK Pension option November 11, 2020

UK Pension Retirement Options – For Australian Residents

Read More
A Guide to Retail Superannuation Funds January 21, 2020

Your Guide to Retail Superannuation Funds

Read More
What is DTA September 19, 2019

What is a Double Taxation Agreement (DTA)?

Read More
WE MAKE IT EASY

Useful Links

Login Area
Product Documents
Client Feedback
Adviser Feedback

Main Products

Australian Expatriate Superannuation Fund
IVCM (Gibraltar) Retirement Annuity Trust
IVCM (NZ) PIE Superannuation Fund
International Expat SIPP

Jurisdictions

Australia
Gibraltar
New Zealand
United Kingdom

Quick Links

IVCM Offices
IVCM Products
New Advisers
Contact IVCM

© Copyright 2020. All Rights Reserved | Terms & Conditions | Privacy Policy 


All IVCM products are licensed and regulated in the jurisdictions in which they operate.

IVCM is not authorised to provide you with any personal or financial advice. If you require any advice in relation to your personal circumstances, you must contact a Qualified Financial Adviser.