What are personal contributions?
Personal contributions are also known as Non-concessional Contributions and include:
- Personal (after-tax) salary deductions
- Lump sum deposits
- Contributions received from another person including your partner
- Regular bank account deductions
Any personal contributions made throughout the year will count towards your Non-concessional Contribution Limit.
Who can make personal contributions?
 |
To make personal contributions you must advise RBF of your Tax File Number. Unless you have provided your Tax File Number RBF will be required by law to return your contribution to you.
You can make personal contributions to the RBF Investment Account if you are:
- under age 65, regardless of whether you are in paid employment; or
- aged 65 but less than 75 and were employed for at least 40 hours
in any period of not more than 30 consecutive days in the financial year
in which the contribution is to be made.
If you are aged 75 or over you cannot make personal contributions.
|
What are the advantages of making personal contributions?
- With the effect of compound interest over time you will significantly increase
your super. This will increase your retirement benefit.
- Earnings from your super are taxed at the relatively low rate of 15%.
- You gain access to the Member Investment Choice.
Tell me more about the RBF Investment Account
Personal contributions can be credited to the RBF Investment Account.
The RBF Investment Account features:
- Member Investment Choice, which gives you the flexibility to choose an
investment profile to suit your needs. Members are able to choose from
a range of investment options.
- No entry or exit fees.
- No commissions to be paid.
- Access to RBF's investment performance, which has been consistently ranked
among the top performing funds in Australia.
When can I access my personal contributions?
Legislation requires that most superannuation cannot be accessed until
a member reaches preservation age and retires or commences a Transition to Retirement program.
If amounts are accessed before preservation age, they are generally taxed
at a higher rate. Preserved funds can only be accessed before preservation
age in the case of death, permanent incapacity, severe financial hardship
or on compassionate grounds.
How do I make personal contributions or increase my personal contributions?
You can make personal contributions into the RBF Investment Account by :
- direct debit;
- making individual payments;
- deductions from your pay if you are a public sector employee.
To make payments or commence regular deductions, please complete the appropriate
form.
Alternatively, you can contact us to arrange an interview to discuss how making voluntary contributions
will improve your super.
|
