Hi, would i be taxed at 15% rate if i receive contribution from other family and friends into my SMSF?
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would i be taxed at 15% rate if i receive contribution from other family and friends into my SMSF?
Family other than spouse can only contribute for you if they employ you.
Otherwise, they need to give you the money to contribute for yourself ( unless spouse contribution)
Contributions are taxed 15% if someone is claiming a tax deduction.
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would i be taxed at 15% rate if i receive contribution from other family and friends into my SMSF?
Family other than spouse can only contribute for you if they employ you.
Otherwise, they need to give you the money to contribute for yourself ( unless spouse contribution)
Contributions are taxed 15% if someone is claiming a tax deduction.
The reply from @Bruce4Tax is spot on.
If you want to expand your knowledge further as a trustee about Contributions and rollovers to your SMSF there's plenty of information online here for you.
RichATO
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