I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Funded (Taxed Source) Specified Benefits Super Funds

Concessional (before-tax) contributions: Notional 'taxed' contributions consist in a person's concessional contributions cap and are computed utilizing a unique formula set out in legislation.

According to the Australian Tax Office or ATO, notional taxed contributions represent the equivalent company contributions that your employer would have made if you had an accumulated interest instead of a definite benefit interest. Every year, your superannuation fund needs to report the notional taxed contributions as employer contributions in the fiscal year.

Because of the complex nature of the guidelines that apply to specified benefit super funds, it can be almost difficult for fund members in adjusting the level of the 'notional taxed contributions' and prevent excess concessional contributions caps.

The federal government presented specific guidelines that apply to money members of defined benefit funds as at September 5, 2006, and as at May 12, 2009.

Warning: If you enter a sacrifice salary plan with your company, then those wage compromised contributions are in addition to your notional taxed contributions, as well as count towards your concessional contributions cap. To find out more on concessional contributions, see Australian Super Finder.

Non-concessional (after-tax) contributions: If a member of a moneyed (taxed source) defined benefit superannuation fund creates non-concessional contributions towards his or her account, those contributions will be counted towards his/her non-concessional contributions.

Unfunded (Untaxed Source) Specified Benefit Super Funds

Concessional contributions: The ATO said no concessional contributions are attributable to you if you belong to an unfunded specified benefit fund. The factor for this treatment is that the company makes no payment to the super fund if you come from such a super fund, then I strongly recommend you validate with your superannuation fund and the way any salary is treated through sacrifice super contributions that you make. Numerous unfunded super schemes also have economic components. If your super fund has funded and unfunded parts, note that only the unfunded part will not be recognized for the concessional contributions cap. For example, performance contributions paid by companies within the PSS and CSS public sector funds are treated as concessional contributions and covered in the concessional cap. For more details on concessional contributions, see Australian Super Finder.

Non-concessional contributions: Non-concessional (after-tax) contributions made through an unfunded specified benefit plan count to your non-concessional contributions cap.

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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