Does anyone know if a SMSF has to pay 15% contribution tax if the contributing retiree is 66 years old and has done the required 40 hours paid work. Also is it correct that that person can now withdraw from the fund without it incurring any tax. I am asking this as general information which is probably on the ATO site but needs someone smarter than me to find.
Ron.

ronny

if you meet the work test, you can contribute to a super fund. Undeducted contributions are not taxed when put in. - limit is $150K
If you earn $450 in a month, your employer must pay SG and this is a deductable contribution and taxed at 15%.
Earnings inside the Super fund are taxed at 15%.
As you are over 60 and if U have met the condition of release (retired from a job) you can pay yourself a pension or take out lump sums and these are taxed at 0% for the purposes of personal income - in fact it is not necessary to declare in your tax return

NOT professional advice.

Thank you Benthonic,
I had a small capital gains problem (I am not complaining) and contributed to my superfund before the end of the financial year.
ronny