last year of about $1490 and that it can either stay in my fund as a non-concessional contribution or I can withdraw it.
A: As someone with close to $2 million in super, the maximum annual amount of concessional contributions you and an employer can make on your behalf without any penalties applying is $27,500. While a second choice would seem to be to leave the excess in the fund and have it counted against your non-concessional contributions cap, this is not the best option.
Or worse still, you can leave the excess non-concessional contribution in the fund where it will be taxed at 47 per cent. Australian funds must therefore operate with special age-based membership restrictions that apply to QROPS status which prevent accessing super before 55 unless the member has been permanently incapacitated due to ill-health before that age.One method of achieving this, says Fettes, is to establish an SMSF with a special trust deed containing appropriate restrictions or otherwise by varying the deed for an existing SMSF.
This means the transfer will be subject to Australian income tax on the part of the lump sum that is described as “applicable fund earnings” .
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