As we approach 30 June we take a look at matters where timing is of the essence with superannuation matters.
The ATO is looking at cut-off and contribution limits as they represent the biggest area of mistake by clients and contributors.
There is the possibility that cash and in-specie contributions up to the limit can be breached if other costs of the fund are paid by employers or members and have not taken these into account.
Contributions that have not been received by the trustees of funds by 30 June are also at risk.
Many contributors fail to allow for the timing delays of financial institutions to actually receive these contributions which can then cause non deductibility and even fringe benefits tax to apply.
The tougher audit framework for SMSF means some superannuation fund trustees must rectify before end of financial year any current contravention or auditor notes from your fund auditor to ensure that these points are not reportable matters carried forward into the next years audit and which would attract the ATO's unwanted attention.
Trust deeds need to be updated to reflect changes in SIS Provisions particularly if the fund is involved in pension or sophisticated planning strategies.
Want more information? For more information about contributing to your superannuation fund, please contact Bates Cosgrave Financial Services on 02 9957 4033 or email us at firstname.lastname@example.org