A question that is often asked is “Can I make a contribution to my super fund?”. This is the wrong question to ask. In fact, there are two questions that should be asked in relation to a superannuation contribution:
- Can the trustee of the super fund accept the contribution?
- If the trustee of the super fund can accept the contribution, what are the contribution cap consequences of it being accepted?
The first question is the concern of the trustee of the superannuation fund. The second question is the concern for the member for which the contribution relates. Just because a member’s contribution cap is zero, does not mean that they could not make the contribution, or more correctly, that the trustee could not have accepted the contribution. However, once a contribution has been accepted by a trustee, it is difficult to return it, despite the contribution cap tax outcome making the contribution regretful.