Getting money into super
What is a contribution?
In the superannuation context, a contribution is anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one or more particular members of the fund or all of the members in general.
A superannuation fund's capital is most commonly increased by transferring funds to the superannuation provider. Other ways for the capital of a superannuation fund to be increased include transferring an existing asset to the superannuation provider (an in specie contribution) or increasing the value of an existing asset held by the superannuation provider.
There is generally no limit to the amount that may be contributed by, or on behalf of, a member within a financial year. However, the Government limits how much an individual can contribute into super (contributions caps). Clients may be personally liable for additional tax on contributions made within a financial year that exceed contributions caps.
Last modified: Friday, July 28, 2017