Contributions – getting money into an SMSF

The ATO released their taxation ruling (TR 2010/1) on what is a superannuation contribution back in 2010 and recently they released draft consolidation TR 2010/1DC to outline proposed change to the contribution ruling to reflect the removal of the 10% maximum earnings test for claiming a personal superannuation contribution as an income tax deduction and interaction with the non-arm’s length expenditure (NALE) final ruling LCR 2021/1. This provides the perfect opportunity to revisit the rules for contributions, both from a superannuation law and income tax perspective and consider what strategies are available.

In this one and half hour webclass we will consider:

• What is considered to be a superannuation contribution;
• The rules that allow an SMSF trustee to accept a contribution from or on behalf of a member and the timing of such contributions;
• The circumstances that allow a contribution to be returned;
• When a contribution is assessable income of the SMSF;
• The contribution cap consequences for an accepted contribution;
• Interaction of the contribution rules with NALE rules;
• Contribution strategies for building retirement capital and saving tax.

The format of the webclass will be:

• Presentation on the relevant rules of the webclass topic;
• Attendees to consider the various case studies;
• A discussion of the various cases studies; the issues identified by attendees and proposed solutions;
• Time for attendees to ask questions related to the webclass topic.

A learning guide and the case studies will be provided at least 48 hours prior to the start of the webclass for registrants to review and consider. Although not a requirement, reviewing these materials ahead of the session will aid understanding.