Newsletter; Super SA now accepting non-government contributions & Missed the Director ID deadline?
Super SA now accepting non-government contributions
From 30 November, Super SA will allow members who work outside the SA Government to direct their superannuation contributions from their non-SA Government employers to their taxed fund, Super SA Select. This means that you no longer have to maintain a second superfund just to accept non-government contributions. This is not available to spouse members (a spouse of a Triple S member who has opened a Triple S account). The Super SA Select account is different to the Triple S account.
Triple S is an untaxed fund (15% contributions tax is deducted from concessional contributions when you withdraw from the fund). There is no annual cap on concessional contributions (the normal $27,500 concessional contribution cap does not apply) but here is a lifetime concessional contributions cap (currently $1.65m).
SA Select is a taxed fund (15% contributions tax is deducted from concessional contributions when they are received). The normal $27,500 concessional contributions cap applies so, unfortunately, Super SA Select cannot be utilised to make contributions in excess of the contributions cap.
SA Government employees can also choose which superfund their contributions are paid into (it no longer has to be Super SA). Members can now also transfer their account balance into different funds (previously you could not do this while you were still employed by the Government).
Missed the Director ID deadline?
If you have yet to apply for your Director ID, you should do so now. The ATO is taking a reasonable approach to those who are trying to do the right thing. Directors who have applied by paper count as having met their requirements (paper applications can take up to fifty-six days to process).
