The lower age limit (55 years) is based on your age when you make the contribution and there is no upper age limit. Paying super contributions for eligible employees, including how much to pay, how to pay and payment dates. Individuals over 65 meeting the work test can make voluntary contributions to superannuation any time from the age of 65 until the 28th day of the month following the member’s 75th birthday. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work. 1. 0 million for the ATO to improve data matching capabilities to identify and act on cases of SG underpayment by employers and $13. Since 1 July 2007, the trustee of a superannuation fund can only accept member contributions (ie, any contributions other than employer contributions) if the member. is 65 years of age (even if they. each month or other period you nominate) cash is transferred from your SMSF Bank Account to your personal Bank Account to fund your living expenses. When a person dies, in most cases their super fund pays their remaining super to their nominated beneficiary. Reg 9 Reg 10 2015-16 reg EM “Income” for the purposes of the income test is not simply taxable income. Annuities. Concessional tax rate changes for balances over $3 millionThe Government proposed that from 1 July 2020; those aged between 65 to 66 may be eligible to make or receive super contributions of up to $300,000 without meeting the 40 hours in a 30-day period work test criteria, and. Has now obtained casual employment and will receive superannuation payments. 00am. Income from a capped defined benefit income stream. Downsizing in retirementLet’s assume Tina wants to maximise her concessional contributions in 2020-21 by making either salary-sacrifice contributions or tax-deductible contributions. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. According to the Australian Taxation Office (ATO), the bring-forward rule allows those under 65 years old to make up to three years worth of non-concessional (after-tax) contributions to their super in a single income year. At the moment the scheme is aimed at people aged 65 and over but that is due to drop to 60 from 1 July, 2022. If you are aged 75 or more, you can only make downsizer contributions. An easy way to check if you are required to pay SG contributions for a contractor is to use the ATO’s Super Guarantee Eligibility Decision Tool. An individual over 65 years of age who would like to make contributions to superannuation will need to meet the superannuation work test. Australian Taxation office, Claiming deductions for personal super contributions, accessed 12 April 2023 at ato. There are limits to how much you can contribute each financial year: up to $27,500 in. subject to the annual concessional contributions cap. or more you pay 30% tax. satisfy an early access requirement. Adding to your super. . Total superannuation balance Eligibility Threshold. /tax-and-super-professionals/for-superannuation-professionals/apra-regulated-funds/reporting-and-administrative-obligations/unclaimed-superYou can access your super if you’re aged 60 and over and you stop working, even if you subsequently get another job with another employer. Making super contributions is one of the simplest ways to improve your final retirement balance and reduce your tax bill. Income thresholds. The concessional contributions cap was temporarily increased to $35,000: for the 2013–14 financial year if you were 59 years or over on 30 June 2013. Find out the income you'll get from super. The downsizer scheme allows eligible homeowners to make a one-off super contribution of $300,000 outside of other contribution rules. This means that the maximum that can be contributed into your super account as a concessional contribution each year is $27,500. Amount of cap. Example 2:The government has introduced a lifetime balance cap for super which limits the total that can go into a tax-free super pension to $1. At age 25, he says you would have to be earning $200,000 a year, to have $3 million in super by age 67 (under the assumption your super contributions are 12 per cent per year, earnings were 5 per. LCR 2016/10: Superannuation reform: defined benefit income streams – non commutable, lifetime pensions and lifetime annuities. During 2018/19 $10,000 in before-tax (concessional) contributions were paid to her super account. threshold for downsizer contributions, provided the other eligibility rules are met. Super paid after a person's death is called a 'super death benefit'. Superannuation Work Test Over Age 65. The earnings are then taxed at your marginal rate plus Medicare levy less a 15 per cent tax. Employer-paid contributions. These rules allow you to make up to three years of non-concessional contributions in a single income year, if you’re eligible. The ATO tax your contributions over the cap at your marginal tax rate, minus a 15% tax offset. For more information, see Restrictions on voluntary contributions. Non-Concessional Contribution Cap. After speaking to a financial adviser, he decides to make a personal super contribution of $10,000 and claim the amount as a tax deduction. 67. Also, by claiming the contribution as a tax deduction, the net tax saving will be $1,950. A useful tool for getting money into super when you’re 70 and over can be downsizer contributions, which have no work test requirement or upper age limit. au For the 2014–15, 2015–16 and 2016–17 financial years, non-concessional contributions are subject to a yearly cap of $180,000 for members 65 or over but under 75 or $540,000 over a 3-year period for members under 65. To be eligible to make after-tax contributions, you must have less than $1. The super capital gains tax cap is a lifetime limit. Compare your fund's investment performance over at least five years. Low income super tax offset. QC 23212. Originally the minimum age was 65, but this has progressively been lowered to age 55. 68 million or less, you can make non-concessional contributions of up to $330,000 by bringing forward the caps over a three-year period If you have a total super balance of more than $1. Calculate the tax-free and taxable proportions of Peter’s super interest ($400,000) just before the benefit is paid: Tax-free component of $100,000 = 25%. macfanboy (Taxicorn) 22 Oct 2019. Superannuation, or 'super', is money put aside by your employer over your working life for you to live on when you retire from work. The SG rate increased to 11% on 1 July 2023. Source: ato. The law. To. If you’re aged 75. Under the superannuation guarantee, employers have to pay superannuation contributions of 11% of an employee's ordinary time earnings when an employee is: over 18 years, or. Basically it removes the work test for voluntary contributions for people aged 65 and 66. If you've owned your home for more than 10 years and you sell it, you may be able to contribute up to $300,000 per person, or $600,000 per couple, from the sale to your super. About the downsizer measure. Employee age – for employees who are. Peter contributes $330 for the July to September quarter to Sue’s super fund by the quarterly due date of 28 October 2023. Downsizing Your Home And Superannuation. The most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. Your super fund may allow you to use the ATO Superannuation Contributions Splitting Application. 5% x $400,000 (on their full salary if that is their salary). These caps will increase to $110,000 and $27,500 respectively from 1 July, 2021. calculated by the Australian Taxation Office (ATO) based on your personal voluntary super contributions, including salary sacrifice contributions, made after 1 July 2017. And they might also charge interest on that tax. Some contractors may also be eligible for super. a personal super contribution, you must meet the ATO’s work test or work test exemption to be eligible to claim a tax deduction for the contribution. You won't receive any co-contribution if your income is equal to or greater than the higher threshold. * This broadly applies to people whose total super balance was less than $500,000 on 30 June of the previous financial year. People aged 65-74 may also be eligible depending on whether they meet the ‘work test’, whereby they must have worked at least 40 hours within 30 consecutive days in a financial year,. The non-concessional contributions cap for the 2023/24 financial year is $110,000 p. Dinah is self-employed and can claim a tax deduction Dinah is a self-employed cleaner and earns $55,000 each year as a sole trader. making personal super contributions (and a non-concessional contribution may make you eligible for the government's super co-contribution). The Total Superannuation Balance is the sum of all your super balances in any funds. The amount can be any amount between $20 and $1000. Definition: Concessional contributions are taxed at the ‘concessional’ super rate of 15% for people on incomes up to $250,000. The combination of these changes with the superannuation preservation age remaining at age 65 boosts the opportunity to implement a super re-contribution strategy. leaving $0 as a non-concessional contribution for the year. 9 million, he is eligible to contribute up to $110,000 in non-concessional contributions during 2023–24 into his accumulation account without exceeding the contribution cap. By investing $290,000 in an income stream, Alisha will receive regular income payments on top of the Age Pension. a spouse living separately and apart from you on a permanent basis; a parent, child, relative or friend if you are 18 years old or older; any other third party other than an employer or your spouse. 2 million to the Australian Taxation Office (ATO) in 2023–24. You can withdraw your super when you: turn 65 (even if you haven’t retired) reach preservation age and. The rules are set out under the superannuation guarantee (SG) legislation, a law that tells you the minimum amount you need to pay, to which workers, and how often. If you're a trustee of a self-managed super fund (SMSF), there are some things to consider when starting or stopping a super income stream, or pension. From ATO: From 1 July 2021. Since 1 January this year, people over the age of 55 have been able to contribute up to $300,000 from the proceeds of the sale of their homes into their superannuation funds. A person over 65 who hasn't held employment before and doesn't have a super account. $110,000 a year. Where applicable an estimate of the Division 293 additional contribution tax for those on incomes over the relevant threshold has been included. Regulation 4A of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (SUMLMR) prescribes the eligibility age for both men and women for the purposes of unclaimed money. Determine the right super funds to pay super guarantee contributions to. You can also access your super: when you turn 65 years old. Under 75. 2. 9 million. 20 June 2023. Be prepared to provide the following information upon request: your personal details. Contribution tax: 15%. National rental affordability scheme. This includes the requirement for providers to report and pay in the approved form by the scheduled statement due dates as follows: for an unclaimed money day being 31 December of any year – 30 April of the following year. Super contributions. Had my wife been aged 65 or more, or been over her preservation age. leaving $0 as a non-concessional contribution for the year. The concessional contribution cap for the 2023/2024 financial year is $27,500. Getting a top-up from your spouse; Looking into the government co-contribution or low income super tax offset (LISTO). By using this strategy, he’ll increase his super balance. You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them. Common conditions of release. The eligible age has been further reduced to 55 years from 1 January 2023. When we say SMSFs, we are including former SMSFs unless otherwise indicated. Common conditions of release. You can access your super when you turn 65 regardless of whether you’re still working. From 1 July 2022, if you are under 75 you will no longer need to meet the work test to make or receive non-concessional super contributions and salary sacrifice contributions. under the transition to retirement rules (if you are eligible), while you continue to work. She decides to take out a $40,000 lump sum to pay for home improvements. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. Find out about the impacts for APRA-regulated funds. Contributions splitting. Superannuation and relationship breakdown. If a government organisation is an employer it will need to pay super contributions and send employee super information electronically in a standard format. As at 1 July 2021, your annual non-concessional cap is $110,000. 4. If eligible, the super guarantee applies to all types of employees including: full-time employees. tax free) basis. Thankfully, the ATO has a calculator you can use to find out how much you're entitled to, based on your income. Michael adds to super, saves tax and gets a bonus government co-contribution Michael age 30 $52 a fortnight $106 a fortnight Yearly salary $40,000 $40,000 Salary sacrifice (before tax) contribution $624 $2,418 After-tax super contribution $858 $858 Contributions you can make as a retiree (by age) 1. the most recent 30 June balances reported by your super funds. under 18 years old, you pay it if they work more than. 5) Act 2021 was enacted to improve the operation of the Trans-Tasman retirement savings portability arrangement between Australia and New Zealand by allowing the ATO to directly transfer unclaimed superannuation money (USM) of New Zealand (NZ) residents via the KiwiSaver Provider. Contributions made prior to 1 July. For higher income earners with income over $250,000, the rate is 30%. For those who qualify, it can be an. The contributions your SMSF can accept are restricted by:. For 2019–20 and earlier years, the age requirement for this exemption was 65 to 74 years. If you've got less than $500,000 in super, you can make catch-up contributions, writes John Wasiliev, who seeks answers to your superannuation questions. Members aged over 65 years old. If you are turning 75 during a financial year, you can make a non-concessional contribution on or before the day that is 28 days after the end of the month in which you turn 75. In the 28 days after you turned 75 years old, your fund could accept the following types of contributions if you satisfied the work test or work test exemption: voluntary employer contributions such as salary sacrifice contributions. Estimated employer SG based on Income. A personal superannuation contribution is not income but a deduction if being made from post tax income, and deductions for personal super contributions. ceases an employment arrangement on or after the age of 60. Super contributions must remain in super until you have met a condition of release. 2 million for consultation and co-design. Under subsection 12(1) of the SUMLMA, an amount payable to a member of a fund (including accumulation, defined benefit, and pension members) is taken to be unclaimed money if all the following apply:. • 18 years old or over, or • under 18 years working over 30 hours a week • employed on a full-time, part-time or casual basis (including those who are working in Australia temporarily). au/super TAX 1 Plus Medicare levy. If you are eligible to. Reportable superannuation contributions. Using Aware Super’s Member Online is an easy way to manage your super online. 1 Does not apply to downsizer contributions, which may be made if aged 55 and over regardless of work status. Anna dies on 1 December 2015 at 66 years old. This is the maximum amount of CGT-related super contributions you can exclude from your non-concessional contribution limits. au. 1 For those age 65-74, the ‘work test exemption’ also applied. To make non-concessional or spouse contributions you must have a Total Super Balance (TSB) of less than $1. The two categories or types of contributions that can be made into superannuation are. e. Savannah will have $81,000 more in her super at age 65. Super is important for you, because the more you save, the more money you will have for your retirement. 68 million from 1 J. Adjusted taxable. Date payment due. You can choose to make payments more frequently, including fortnightly or monthly, for example. Annual contribution caps (limits) put a lid on the amount you can contribute each financial year, but can be flexible if you’re able to use the carry forward or bring forward rules. 5% in the 2023 FY and to 11% in the 2024 FY. For more information, see Restrictions on voluntary contributions. Originally the minimum age was 65, but this has progressively been lowered to age 55. Fringe benefits tax returns. is 65 years old (even if they haven't retired)If you reach your preservation age and withdraw super before turning 60, you pay tax on the taxable components of your payments. That depends on the actual TSB amount - needs to be under $ 1. A couple, George and Jane, sell their home for $800,000. The industry just refers to over or under age 75 for simplicity. Find out when you can access your super. 7 million in super on June 30 of the previous financial year. On this page. total super balance at 30 June of the previous financial year is less than $500,000. The beginning of a financial year is 1 July and the end is 30 June. To learn more about how this works, the ATO. If your spouse has earnings below $37,000 you can claim the maximum tax offset of $540 when you contribute $3,000 to his/her super. This effectively reduces your taxable income, meaning you pay less tax on your income. The superannuation non-concessional contribution cap limits the amount you are able to contribute into super in any one financial year. For more information on the changes to transition to retirement income streams from 1 July 2017, see GN 2019/1 – Changes to transition-to-retirement income streams. If you meet the work test or work test exemption, the standard contribution caps of $100,000 per year for non-concessional (after-tax) contributions and $25,000 per year for concessional (pre-tax, such as through salary sacrifice) contributions apply. This means you can put in up to three times the annual cap of $110,000, which means you may be able to top up your super by $330,000 within the. From 1 July 2022, you can accept all types of non-mandated contributions, except downsizer contributions (these can only be made if the member has reached eligible age). Tax offset for super contributions on behalf of your spouse. This is known as the non-concessional contribution cap. Calculation of contributions tax, including standard contributions tax and Division 293 tax for high income earners. Government co-contribution. Taxable CGT amount = $7,000 – ($7,000 x 1/3 discount) = $7,000 – $2,333. How much you can contribute. This means that members can top. $110,000 per member per annum. ATO Tax Deduction Form. Downsizer contributions allow you to contribute up to $300,000 ($600,000 for a couple) from the sale of your main residence to your super. The most common conditions of release for paying benefits are when the member: has reached their preservation age and retires. Returning contributions. Around 58% 1 of Australians over the age of 65 receive either a part or full Government Age Pension. When money goes into your super account (contributions) When money comes out (withdrawing). 9 million in 2023–24. Your accumulation account with this. The Total Superannuation Balance is the sum of all your super balances in any funds. Any amount over the tax-free limit is part of the employee's ETP. You can use a salary sacrifice arrangement to have some of your salary or wages paid into your super fund instead of to you. TPD insurance cover in super usually ends at age 65. On 29 October 2019 changes to the age employees can access concessional tax treatment for genuine redundancy and early retirement scheme payments became law. Up to a full tax offset of $540 (actual amount is calculated as 18% of the lesser of $3,000 and your total contributions for your spouse) Between $37,000 and the cut-off threshold of $40,000. Downsizing Your Home And Superannuation. Between 1 July 2020 and 30 June 2022, you could accept. 18 for each dollar the receiving spouse’s income is over the low-income threshold. This calculator helps you work out: what income you're likely to get from super and the age pension when you retire. Super is important for you, because the more you save, the more money you will have for your retirement. If you have less than $200 or you are aged over 65 years, the ATO will make a direct payment to you via the account or address details they have on file for you and where possible, contact you to let you. Weigh up the. Where possible, we will notify you if we do this. The maximum amount you can contribute is not affected by your total super balance. au. The tax offset for eligible spouse contributions can't be claimed for super contributions that you made to your own fund, then split to your spouse. If you are. under 18 years and works over 30 hours a week. You may have to pay more tax if you exceeded the non-concessional contributions cap. From 1 July 2022, the work test will be removed and the age which non-concessional contribution bring-forward provision can be used will be increased. Your personal non-concessional contribution cap may vary depending on factors such as the amounts you’ve contributed in previous years as well as your eligibility to access the bring forward arrangement. 7 million in 2022-23 and $1. change jobs or are retrenched. Non-Concessional Contribution Cap. For more information, see Restrictions on voluntary contributions. Last modified: 30 Aug 2023 QC 65745. start a transition to retirement income stream while continuing to work. select Super, then Manage, then Transfer super. The work test requires the member to have worked at least 40 hours over a 30-consecutive day period in the financial year the contribution is received. gov. Discover the most effective way to contribute to your super based on current information. Your options from the ATO include: Withdraw the excess contribution and earnings. Each spouse can contribute up to $300,000. You will be asked questions about the nature of the work arrangement. A: The key here is the age restriction on making contributions to super. Topping up your spouse’s super account is a great way to build the nest egg you will both get to share and enjoy during your retirement years. If you’re self-employed but operate your business under a company or incorporated structure, each quarter you are required to pay the normal SG contribution of 10% for any eligible employees – including yourself – earning over $450 per calendar month (before tax). If age = 67+ unless the exemption applies. How to pay super, the amount to pay and due dates for payment. For more information and to download the form, visit ato. Division 293 Tax: $17,500 * 15% = $2,625. The Bring-forward rule is a provision that allows Members to make non-concessional contributions (after-tax contributions) amounting to more than the contributions cap of $110,000 over a three-year period from 1 July 2021. it will be harder to keep track of your super. Before you get too excited, a heads up. The work test requirement no longer applies if you make non-concessional/salary sacrifice contributions after 1 July 2022. 2 minutes. gov. If age = 67+ unless the exemption applies. a. DinahSection: 2. Certain contributions received by a complying SMSF are included in its assessable income and are usually taxed as part of the SMSF's income at 15% (or 47% for non-complying SMSFs). An income stream is either: account-based – the income stream is paid from a super account held in the member’s name. - is aged 65 or over or - has reached preservation age (see table below) and has retired from the workforce • your full account balanceExample: Taxed and tax-free proportions on super income stream. commencing a super income stream in the form of an. $1700 (85 per. 7 million on 30 June of the financial year before the one in which you want to make your contribution. If your goal is for your spouse to have a super account balance of $1. External Link. Update your details. SG quarter. A Pension simply means that periodically (e. = $4,666. For example, if your taxable income is $280,000 and your employer makes $25,000 in concessional contributions, you will trigger the threshold because your. Your total super balance must be less than $500,000 at 30 June before the year in which you wish to make the extra contribution. Rates and thresholds apply to contributions, employment termination payments, super guarantee and co-contributions. 70 (ie, $48,040 x 9. If you own or manage a business and employ people, you may need to pay your employees super. NGS Super Opportunities and limits for super contributions 2 Boost your super. Downsizer super contributions. NGS uper Split super contributions with your spouse 1. That is, the amount that is additional to the minimum contributions Johnson Pty. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. Personal super contributions. If the rules of your super fund allow it, you can nominate the beneficiary for your super, by making a non-binding or binding nomination. If you make a personal tax-deductible contribution to your super fund, up to the annual limit of $25,000, you can claim a tax deduction provided you complete an ATO form and send it to your super fund. QC 23234. 7 million on 30 June of the financial. Tax Increase On. Your entire benefit from a taxed super fund (which most funds are) is tax-free. Since July 1 last year, he says, if you are under 75, you no long need to meet the work test to make non-concessional (after-tax) contributions of $110,000 a year to your super. Online security; Technical support; System. If you are a low or middle-income earner and make a personal after-tax contribution, you may. Related article: Contributing to Super Over 65. The age-based limit of 65 years old has changed to the. Consolidate all your super. In fact, salary sacrificing is an excellent way to boost retirement income. Work towards a retirement goal. Adding to your super with before-tax contributions can help to reduce the tax you pay. by lodging a paper form with the fund you wish to transfer your super from – Rollover initiation request to transfer whole balance of superannuation benefits between funds. When you split your contributions, you transfer or roll over a portion of the contributions you recently made to your super account, to your spouse’s super account. 3 million in super who is under the age of 65, you are certainly eligible to make use of the annual $100,000 non-concessional contribution entitlement. Retirement phase. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. PAYG withholding. 9 million from 1 July 2023) From 1 July 2021 to 30 June 2023, the Total Super Balance limit was $1. If you are eligible to make non-concessional contributions and you contribute more than the annual general cap ($110,000 in 2023–24), you automatically gain access to your future. If you are 75 years or older, you are unable to make non-concessional contributions to super (however, the actual rules is that you can make contributions up until 28 days after the end of the month in which you turn 75). 1 For those age 65-74, the ‘work test exemption’ also applied during the. The default assumptions in this calculator are based on Treasury’s long-term retirement income models. Notice of intent (NOI) to claim or vary a deduction for personal super. Plan your retirement. So, if you are age 67+ and under age 75, then you need to demonstrate 40 hours paid work within a 30 day period. Advertisementto claim a tax deduction for your contribution. But depending on your age, relationship status and income, it could provide a handy tax offset of up to $2,230 for singles and up to $3,204 for couples. The levy is payable at a rate of 2% of each dollar of a taxpayer’s taxable income over $180,000. Contributions made prior to 1 July 2017 must also meet the fund-capped contribution limit. This limit is called the maximum super contribution base. 7 million. 1. Additional eligibility requirements were added from 1 July 2017 which includes: having a total superannuation balance of less than $1. Super contribution calculator. The ATO will not be able to recover your unpaid super contributions or provide Choice of Fund if: You are not eligible for super contributions; Your employer is not required to offer you Choice of Fund; A relationship between you and the employer was not confirmed by the ATOAccumulation phase. Higher income earners increased contributions tax – applies to the excess over $250,000 ($300,000 up to 1 July 2017) of the income for Medicare levy surcharge purposes (other than reportable super contributions) Plus the low tax (i. Marion’s super fund will deduct 15% contributions tax on the $27,500 personal contributions that she claimed as a tax deduction. This decision tool helps determine if your employees are eligible for super guarantee (SG), including any contractors treated as employees for super purposes. Specifically, the work test requires you to have worked for at least 40 hours over a 30-consecutive day period in the financial year that you wish to make a contribution to super and prior to. Turn your super or other savings into a guaranteed income when you retire. Ancillary fund returns. 3. Where possible, we will notify you if we do this. Making a downsizer contribution involves selling your home and contributing up to $300,000 into your super ($600,000 for a couple), if you meet all the eligibility rules. for personal contributions (ATO notice of intent to claim or vary a deduction for personal super contributions) A tax deduction can be claimed for personal contributions (not salary sacrifice) if you are under age 65, or aged 65 to 74 inclusive2 and meet the work test or the work test applies in the financial year in which you make the. As you were under 65 as at the 1 July 2018 and your Total Super Balance is under $1. You can go with your existing fund, your employer's fund, or choose a different fund. You can contribute up to $15,000 per year and $50,000 in total under the Scheme. She decides to ease into retirement by reducing her work to three days a week. The work test requirements have also been removed for other types of personal contributions for those between age 67 and 74. Part of your super money is taxable, made up of: employer contributions; salary sacrificed contributions; personal contributions claimed as tax deductions; Part is tax-free, made up of: after tax contributions; government co-contributions; If you're age 60 or over. 6 This limit applies to all before-tax contributions, (including SG, salary sacrifice and personal contributions for which a tax deduction has been claimed) paid into your super accounts. a. That means unpaid super affects more than a quarter of employees, costing each affected worker an average of $1,700 per year. e. Concessional contributions are taxed in your super fund at the rate of 15%, payable by the fund. When and how you can access your super and whether you need to pay tax on withdrawals. This. super funds that notified us before the start of the income year that they elected to treat all member contributions to the: super fund as non-deductible, or; defined benefit interest within the fund as non-deductible.