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To clarify, this year if >50 you can only contribute a maximum of $35,000 to your SMSF. The existing ‘catch up’ of $180,000 pa for 3 years is not available for this year?
Please also confirm that an ‘in specie’ transfer of shares from your personal name into your SMSF is treated as part of this cap. It will trigger a CGT event and if further down the track the shares are sold within the SMSF, CGT would be payable again?
Thanks for your clarification on these points.
A: Thanks for the Question
The $30,000/$35,000 refers to concessional contributions – an employer’s 9.5%, salary sacrifice amounts, or if self-employed, the amount you contribute and claim as a tax deduction for. It is available this year.
The $180,000 is for non-concessional contribution – your own after tax money. The bring forward rule (3 years of $180,000 or up to $540,000) is available – but will put you over the Government’s foreshowed lifetime cap of $500,000.
An in specie transfer would be a personal after tax contribution and count against your non-concessional cap.
