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Hello,

I have a superannuation account in Australia from when I lived and worked there 20 years ago.  I now live in the USA and am no longer an Australian resident for taxation purposes.

Am I allowed to make voluntary (non-concessional, after tax)  contributions to my Australian super account ?   If so, are there limits and are there tax deductions available to offest against other income derived in Australia?

Thanks!

 

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ATO Certified

TaxTime Support

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Hi @Tubby4

 

Welcome to our Community.

 

@Bruce4Tax is correct. Australian law allows for contributions to be made from overseas. In saying that, whether an Australian super provider will accept a contribution from overseas is ultimately up to that fund. In turn, we recommend that you talk to your fund.

 

Depending on your total super balance, non-concessional contributions are tax-free up to the non-concessional contributions cap. The annual cap is currently $100,000. Depending on your age you can also utilise the bring-forward arrangements.

 

For more information about non-concessional contributions, the bring-forward arrangements and what happens if you go over the non-concessional contributions cap, refer to our website.

 

If you want to claim a tax deduction for a personal contribution in your Australian tax return, you can as long as you meet the criteria. The deducted contribution will be treated as a concessional contribution and be taxed at 15%.

 

For more information about personal super contributions and the criteria for claiming a tax deduction, you can check out our website.

 

It will also count towards the annual concessional contributions cap which is currently $25,000. If you go over the concessional contributions cap, the excess will be taxed at your marginal tax rates. You will also be required to pay an additional charge.

 

For more information about concessional contributions and what happens if you exceed the concessional contributions cap, have a look at our website.

 

All of this information assumes that you are less than 65 years of age. For a fund to be able to accept a non-mandated contribution for a member aged 65 to 74, the member must meet the work test or work test exemption criteria.

 

Hope this helps.

 

Thanks,

 

ChrisR

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Devotee Registered Tax Practitioner

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Best answer

ATO Certified

TaxTime Support

Replies 1

Hi @Tubby4

 

Welcome to our Community.

 

@Bruce4Tax is correct. Australian law allows for contributions to be made from overseas. In saying that, whether an Australian super provider will accept a contribution from overseas is ultimately up to that fund. In turn, we recommend that you talk to your fund.

 

Depending on your total super balance, non-concessional contributions are tax-free up to the non-concessional contributions cap. The annual cap is currently $100,000. Depending on your age you can also utilise the bring-forward arrangements.

 

For more information about non-concessional contributions, the bring-forward arrangements and what happens if you go over the non-concessional contributions cap, refer to our website.

 

If you want to claim a tax deduction for a personal contribution in your Australian tax return, you can as long as you meet the criteria. The deducted contribution will be treated as a concessional contribution and be taxed at 15%.

 

For more information about personal super contributions and the criteria for claiming a tax deduction, you can check out our website.

 

It will also count towards the annual concessional contributions cap which is currently $25,000. If you go over the concessional contributions cap, the excess will be taxed at your marginal tax rates. You will also be required to pay an additional charge.

 

For more information about concessional contributions and what happens if you exceed the concessional contributions cap, have a look at our website.

 

All of this information assumes that you are less than 65 years of age. For a fund to be able to accept a non-mandated contribution for a member aged 65 to 74, the member must meet the work test or work test exemption criteria.

 

Hope this helps.

 

Thanks,

 

ChrisR

Newbie

Replies 0

Thanks to both ChrisR & Bruce4Tax for the response - this confirms my own research.  

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