The Trustee recommends that you seek your own professional advice in relation to taxation and contribution matters. Once you have been formally admitted to the Fund you are eligible to make contributions. These contributions are credited to an account held in your name (less the Government's 15% Contributions Tax which applies if you are claiming a tax deduction in respect of the contributions). If you wish to exercise your entitlement to nominate a particular investment option, please send a signed copy of the Member Investment Choice form to the Secretary of the Fund. If you do not select an investment option, your contributions will be invested in the Balanced option.

The surcharge tax was abolished for contributions after 1 July 2005. This will not, however, affect any existing surcharge tax liability you may have incurred, or any surcharge assessments which have not yet been made for the tax years prior to 1 July 2005.

You may be eligible to claim a tax deduction for contributions you make to the Fund. However, generally if you have not been fully or substantially self employed during the year you will not be able to claim a tax deduction. Any tax deduction is subject to a limit under the income tax legislation. From 1 July 2007, deductible contributions are known as 'Concessional Contributions'.  The former "age-based" limits on the deductibility of concessional contributions no longer apply from 1 July 2007. Instead, a limit on concessional contributions of $50,000 per person per annum generally applies from that date.  This amount is indexed in accordance with Average Weekly Ordinary Time Earnings.  However, the indexed amount may only increase in $5,000 increments.

There is a transitional period however which applies from the 2007/08 financial years to the 2011/12 financial year.  If a person turns 50 during that period, they will generally be able to rely on transitional arrangements which permit up to $100,000 of concessional contributions to be made in the year in which they turn 50 and subsequent financial years during the period.  This $100,000 limit is not indexed.

A contribution notice is required to be completed by those eligible self employed members wishing to claim an income tax deduction before you lodge your income tax return, or before the end of the following financial year after the contribution was made, whichever is the earlier.