When is a contribution ‘made’ to a superannuation fund?
In TR 2010/1, the ATO sets out various ways contributions may be paid to a fund and when they are taken to be made to the fund, including the following:Electronic funds transfer (e.g., direct debit or BPAY) – The contribution is generally made
when the amount is credited to the superannuation fund’s bank account.
- Cash payments – The contribution is made when the money is received by the superannuation fund.
- Personal cheques – The contribution is made when the superannuation fund receives the cheque (or, if the cheque is post-dated, when it is able to be presented for payment – e.g., the date on the cheque), provided it is promptly presented (i.e., within a few business days) and is honoured.
- In-specie property transfer – A contribution by way of a property/asset transfer will be taken to be made when the superannuation fund trustee(s) obtains ownership of the asset from the contributor. The Commissioner accepts that the superannuation fund trustee(s) obtains ownership of an asset when beneficial ownership of the asset is acquired, and that beneficial ownership can be acquired earlier than legal For example, in the case of ASX-listed shares, this would be when the trustee obtains a properly executed off-market share transfer in registrable form. Refer to paragraphs 18 to 25 of TR 2010/1.
Since the introduction of the SuperStream payment and data reporting standards, employers are generally required to pay employee superannuation contributions (and send information pertaining to those contributions) to superannuation funds electronically. Accordingly, employer contributions paid through SuperStream are ‘made’ when the relevant amount has been credited to the superannuation fund’s bank account.
Individuals making personal superannuation contributions are not required to comply with the SuperStream standards, regardless of whether the contribution being made is deductible (e.g., a concessional contribution) or non-deductible (e.g., a non-concessional contribution).
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