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ARTICLE · 09 JUNE 2012

Reserving contributions - does your super deed allow for it?

Cooper Grace Ward
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A recent ATO interpretive decision has ramifications for self-managed super funds.

AustraliaFinance and Banking
Scott Hay-Bartlem
Scott Hay-Bartlem
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A recent Australian Tax Office (ATO) interpretative decision has confirmed that a member can make a contribution to a self-managed super fund (SMSF) prior to 30 June 2012, claim the deduction for the 2012 financial year, and the trustee of the SMSF can allocate the contribution to the member in July 2012 so that it counts toward the contribution caps in the 2012/13 financial year.

In ATO ID 2012/16, a member of an SMSF made a personal contribution of $25,000 on 4 April 2011 and a subsequent contribution of $25,000 on 28 June 2011. The trust deed allowed the trustees to credit the 28 June contribution to a reserve account and allocate the contribution to the member in the following financial year.

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