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31 May 13 Superannuation Contributions by 30 June 2013

30 June 2013 falls on a Sunday. The ATO advises that in order to ensure a contribution counts for a financial year, it is safer to contribute well in advance of 30 June (in any year). Further information receive d from the ATO below explains this:

 As a general rule, a contribution will be made to a superannuation fund or self-managed superannuation fund (SMSF) when the funds are received by the superannuation fund. The following table (adapted from TR 2010/1) summarises the ways in which funds are typically transferred and when the contribution is made for income tax purposes. 


No.

If the funds are transferred by …

A contribution is made when …

1

Making a cash payment (either in Australian or foreign currency) to the superannuation fund 

The cash is received by the superannuation fund.

2

An electronic transfer of funds to the superannuation fund

The funds are credited to the superannuation fund’s account.

3

Giving the superannuation fund a money order or bank cheque on which payment is made

The money order or bank cheque is received by the superannuation fund, unless the order or cheque is dishonoured. (No contribution is made if the order or cheque is not honoured.)

4

Giving the superannuation fund a personal cheque (other than one that is post-dated) that is presented and honoured with cash or its electronic equivalent

The personal cheque is received by the superannuation fund, so long as the cheque is promptly presented and is honoured.

5

Giving the superannuation fund a personal cheque that is post-dated and that is presented and honoured with cash or its electronic equivalent

The cheque is able to be presented for the payment (that is, the date on the cheque), so long as the cheque is promptly presented and is honoured.



In ATO ID 2012/16, the Commissioner advised that a contribution received in one financial year and allocated in accordance with SIS Regulations to the member with effect in a subsequent financial year is counted as a concessional contribution for excess contributions tax (ECT) purposes in the financial year of allocation rather than the year of receipt.

This is not inconsistent with TR 2010/1 which deals with the timing of the contribution rather than the allocation to a member for ECT purposes.

Members who seek further information in relation to this should contact us at Tax Policy.