Undeducted Contributions (Now termed "Non Concessional Contributions")
Personal Contributions made into Superannuation on which no tax deduction is claimed are known as Undeducted Contributions (now termed "Non Concessional Contributions").
Eligibility to Make Undeducted Contributions (Now termed "Non Concessional Contributions")
If you are aged between 65 and 69 years of age, you must have worked for at least 40 hours in a period of not more than 30 consecutive days in the particular financial year in order to make Undeducted Contributions into Super.
Maximum Undeducted Contribution (Now termed "Non Concessional Contributions")
If you are aged between 65 and 69, an annual limit of $150,000 per person applies for Undeducted Contributions made into Super. The concession of being able to bring forward up to two years of contributions and invest up to $450,000 in one year is not available to persons above 65.
No Tax on Undeducted Contributions (Now termed "Non Concessional Contributions")
No tax is ever payable on Undeducted Contributions made into a SMSF either when the monies are contributed into the SMSF or when monies are accessed on retirement.
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