16 Jun 08 Non-cash contributions to superannuation funds - TA 2008/12On 13 June 2008, the ATO issued Taxpayer Alert TA 2008/12 entitled "Non-cash contributions to superannuation funds". The Taxpayer Alert is concerned with arrangements that have features which are designed to allow a member of a superannuation fund to circumvent the new superannuation contributions limits that came into effect from 1 July 2007, by making non-cash contributions. The arrangements will mainly involve self-managed superannuation funds, but need not be limited to them.
In a media release issued on the same day, the Commissioner, Michael D’Ascenzo, said: “We are concerned about contributions of assets made to a fund where the market value of the asset is not properly accounted for in an attempt to avoid paying excess contributions tax. It is also of concern that people may try to avoid the excess contributions tax by paying expenses on behalf of their fund, or by making improvements to a fund asset without reimbursement for the work."
For a copy of TA 2008/12, go here
For a copy of the ATO media release, No 2008/30, 13 June 2008, go here