Clarifying the operation of certain superannuation trust deed clauses (MYEFO)
30 Nov 2011
In the Mid-Year Economic and Fiscal Outlook (MYEFO), the Government announced that it will ensure the integrity of the annual superannuation contribution caps by ensuring that certain trust deed clauses cannot be used to avoid what would otherwise be excess contributions from being counted against the caps.
The Government is aware of situations where a fund may include a clause in its trust deed that is designed to treat amounts that would otherwise have been considered contributions to the fund (for example, as they have been accepted by the fund and intermingled with other fund assets and investments) as not having been accepted by the fund if those contributions would lead to a breach of the contributions caps.
Under this measure, the fund will be deemed to have accepted such contributions, notwithstanding the trust deed clause, if the contributions have not been returned promptly and have in effect been intermingled with assets of the fund.
See Appendix A to MYEFO - Revenue Measures - Treasury under 'Superannuation - clarifying the operation of certain superannuation trust deed clauses'.