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Arfurb(Initiate)Initiate
4 Jan 2023

I am asking because it is not really clear in ATO documents. Can an unemployed person under 75 make a non concessional contribution to his SMSF if he has more than $1.7 mil in his SMSF. Maximum super balances of $300,000 and $1.7 mil are mentioned and seem to be part of the work test. In one doc it says a member who is 70 - 74 who does not meet the work test can have all contributions accepted into his super. Also how much can be contributes in the above situation.

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3 replies
398 views
3 replies

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CaroATO(Community Support)Community Support
5 Jan 2023

Hi @Arfurb,


The non-concessional contributions cap increased to $110,00 from 1 July 2021.


@Bruce4Tax, did you mean $1.7M? Great link!

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Bruce4Tax(Taxicorn)Taxicorn
5 Jan 2023

Can an unemployed person under 75 make a non concessional contribution to his SMSF if he has more than $1.7 mil in his SMSF.


No.


In one doc it says a member who is 70 - 74 who does not meet the work test can have all contributions accepted into his super


Yes, but subject to NCC cap - which is nil if total super balance = $ 7.1 M


https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-contributions---too-much-can-mean-extra-tax/?page=5


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Since July 2022 can a SMSF accept contributions from a member with more than $1.7 mil. | ATO Community