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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4543
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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if I contribute for example $100,000 into my companys super

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if I contribute for example $100,000 into my companys super fund as a non-concessional contribution what are the implications. What I mean there is will I be able to withdraw it again at any time either in part or as a whole without tax issues.

Rakhi Vasavada :

Dear Friend,

Rakhi Vasavada :

Hello and welcome. Thank you for using Just Answer.

Rakhi Vasavada :

Once you contribute, regarding withdrawals,

answer to your question depends on your date of birth. Under normal circumstances, access to superannuation benefits requires certain conditions including:

Rakhi Vasavada :

Preservation age ranges from age 55 to 60 years, depending on your date of birth. If you were born before July 1960, then your preservation age is 55. If you were born on or after 1 July 1964, then your preservation age is 60 years. If you were born after June 1960 and before July 1964, then your preservation age will be 56, 57, 58 or 59

Rakhi Vasavada :

Now coming to the taxation part. Non-concessional contributions are sourced from your after-tax income, which means the full contribution reaches your superannuation account, and no tax is deducted when the contribution reaches your super fund. No tax is deducted from a non-concessional contribution because you haven’t claimed a tax deduction, or received any other type of tax concession, before making these contributions.

Rakhi Vasavada :

I am sure this would help.

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Warm Regards

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