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Voluntary contributions you or others can make to your super fund include: salary sacrifice contributions. personal contributions. spouse contributions. contributions by parents, other family or friends (not in the capacity of an employer)
What is an example of a voluntary contribution?
Voluntary contributions can take various forms such as donations, sponsorships, grants, and gifts. These contributions can be made in cash, assets, or services. For example, a person may donate money to a non-profit organization, sponsor a charitable event, or provide pro-bono services to a community initiative.
What is the 10 year rule for PSSap?
The ten-year rule restricts the rate at which the ABM grows. For 10 years or 260 CDDs, the permitted ABM accrues as if the member had contributed at up to 5%. Once a member has contributed for more than 260 CDDs, the ABM accrual will reflect the actual rate of member contributions up to 10%.
What happens if I put more than $27,500 into super?
If you exceed your concessional contributions cap. If you exceed your concessional contributions cap, the excess concessional contributions (ECC) are included in your assessable income. ECC are taxed at your marginal tax rate less a 15% tax offset to account for the contributions tax already paid by your super fund.
Is PSSap a good super?
PSSap has received the highest SuperRatings Platinum Performance award for strong investment performance for 16 years straight.
A voluntary contribution is extra money you add into your super account. The contribution comes from your after-tax pay, (your regular bank account), savings, an inheritance or from the proceeds of the sale of an asset. This is different from the Super Guarantee (SG) contributions made by your employer.
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