Superannuation Tax-Free Component

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2 Comments

  1. Christine

    how does the average person work out concessional contributions and non-concessional contributions into super over ones lifetime. How does one knows what went in over more than 25 years and in what proportions. one earned a salary and the employer put in the SGC. one knows the sgc% over time (4 to 9.5%) but who knows and can prove their salary over such a long period.
    Plus there were so many other things that went into super like bonuses, retrenchments, rolled over amounts from pre-1992 employer super funds, rolled over funds since 1992, exit fees from employer funds, etc etc.
    if this is so important in working out taxed and non-taxed super withdrawals upon retirement then why aren’t the CUMULATIVE concessional and non-concessional contributions recorded since 1992…..none of my super funds provided me with this information and only recently when i went over to a SMSF do i see the annual contributions but not the historical ones. now that i have a smsf i have been asked to provide the historical information which is near impossible and the ATO cannot help either….they agree that it is a minefield and with more baby boomers retiring it will be a major issue.

    Can you shine any further light on the matter.

    Reply
    • Chris Strano

      Hi Christine.
      It would have been the responsibility of your former superannuation fund/s to record this information.
      When you rollover your super, your former fund must provide a ‘rollover benefit statement‘.
      This rollover benefit statement has all the relevant tax components on it.
      You then provide this to the administrator of your SMSF.

      Reply

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