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Where a member has not met Regulation 7.04 acceptance of contributions, the SISR requires, under R7.04(4) that the contribution is returned within 30 days of becoming aware that the amount was recieved in a manner that is inconsistent with subregulation (1) or (2). Id like to focus on the "30 days of becoming aware" statement. Would this be as strict as it must be returned within 30 days of hitting the SMSF bank account (if a cash contribution) or 2. Within 30 Days of the time of the trustee's accountant detecting and advising the trustee that they should not have made the contribution. Or 3. Another way in which the trustee would become aware of it which is not mentioned?
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Hi Mark
The ATO view is that normally the 30 days starts from the date the contribution is banked.
Refer the ATO guidance at the below link & I note they do give an example.
My view is that you have to consider the overall circumstances & the 30 days starts from when it was reasonable that the trustee was aware of a contribution being received and that it was not allowed to accept it.
Thanks
SMSF AAA