Superannuation advice

We are 63 and 64, and we have $150000 in savings each.
We have super less than $200000 each. Not in smsf, as we don’t want to manage our own super.

Do we have to pay 15% contribution tax if we put the cash savings into our super?

Thanks,

A: No.

These contributions will be classified as ‘non-concessional’ contributions because they are coming from your own monies. There is no tax to pay.

The annual cap on non-concessional contributions is $100,000. However, because you are under 65, you should be able to access the ‘bring forward’ rule and potentially make up to 3 years’ worth in one year.


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