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

What Contributions Count Toward The Contributions Caps?

In this section, we’ll discuss what contributions count toward the contributions caps.

Moneyed or Taxed Source Defined Benefit Super Fund

Concessional or before-tax contributions - Notional Contributions have an individual before-tax contributions cap and are calculated with a specific formula fixed out in legislation.

According to the ATO, notional taxed contributions stand for the employer comparable contributions your company would’ve made if you possessed an accumulated interest instead of a defined benefit interest. Annually, your super fund has to report the notional taxed contributions as a component of your contributions to the company for the financial year.

Because of the intricate make-up of the guidelines that apply to specified benefit superannuation funds, it can be almost difficult for the fund members to alter the notional taxed contribution level to avoid going past the before-tax contributions cap. The government presented different rules that apply to specified benefit fund members as at 5 September 2006, and as at 12 May 2009.

Non-concessional or after-tax contributions: If a member of a taxed source (funded) defined benefit superannuation fund makes after-tax contributions to their account, those contributions count toward their after-tax contributions cap.

Unfunded or Untaxed Source Defined Benefit Super Funds

Concessional or before-tax contributions - The ATO stated that no before-tax contributions could be accredited to you if you become a member of an unfunded defined benefit fund. This treatment’s reason is that the employer pays no contribution to the superannuation fund if you belong to such a superannuation fund, then I highly suggest that you validate with your super fund while considering any salary sacrificed super contributions you make.

Many unfunded super plans have funded parts as well. If your superannuation fund has funded and unfunded components, remember that only the unfunded parts won’t be recognized for the before-tax contributions cap. For example, contributions made by employers in the PSS and CSS public sector funds, are improved as before-tax contributions and are counted toward the concessional cap.

Non-concessional or after-tax contributions – Any after-tax contributions paid to a defined unfunded benefit scheme count toward your after-tax contributions cap.

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